It is unrealistic to expect a replication of the trajectory of development of European economies in the Indian scenario, former professor of economics of JNU Prabhat Patnaik said advocating empowerment of people as a main focus of development policies.
Delivering the third Dr V S Krishna Endowment Lecture on ‘Two decades of economic reforms in India – problems and prospects’, organised by the Department of Economics Andhra University here on Saturday, he said “we need a development pattern that protects, promotes and sustains petty production”.
The State has to be active by being protective and bringing controls on capital and product inflows. There has to be a proper trade and capital control regime in place, he said. Further, the policies have to be far more egalitarian.
A minimum level of existence of the common man has to be ensured. The common man must have a right to a bundle of essentials like health, education, employment, unemployment pension and old age pension, among others, he said. He was highly critical of the neo-liberalisation policies and their advocates.
Capitalism in Europe and the West has been able to get out of recession with help of external stimulus which was historically financed by the resources from colonies, he said.
AU Vice Chancellor G.S.N. Raju, Rector E.A. Narayana, incharge Registrar Samrajyalakshmi, principal Arts College, head of Department of Economics Taraka, director SAARC studies centre Prasada Rao and others were present.