Economic growth of India is better than that of China, says economist

Published - September 15, 2024 07:00 am IST - KALABURAGI

Economist A.P. Tiwari delivering the keynote address at a national seminar in Kalaburagi on Saturday.

Economist A.P. Tiwari delivering the keynote address at a national seminar in Kalaburagi on Saturday. | Photo Credit: ARUN KULKARNI

Disputing a popular notion that the economic growth of China was faster than India’s, economist A.P. Tiwari said that the ground realities had proven otherwise to underline the robust growth of Indian economy.

“There are many myths about the growth of China’s economy. The fact, however, is that the Indian economy is performing much better. Although the investment of the production activity in China is 42.4% of the GDP, the Incremental Cost Utility Ratio (ICUR) is very high at 8.1% resulting in a growth rate of only 5.2%. Though the investment in production activity in India is at the rate of 31.2% of the GDP in the production activity, the ICUR in India is only 4.5% and the growth rate was high at 7%,” Prof Tiwari said.

He was delivering his keynote address at a national seminar on ‘An Ecosystem of Indian Entrepreneurship: A Probe’, organised jointly by the Sharnbasva University and the Sharanabasaveshwar College of Commerce at the Doddappa Appa Auditorium in Kalaburagi on Saturday.

“India could do it because of its start-up culture. India is top in the world in establishing start-ups. The basic strength of the start-ups in India is the adoption of the notion small is beautiful which provides high labour absorption. The innovative business ideas generated by Indian entrepreneurs are better than others in the world. We need to take it forward. The budding entrepreneurs in the country should blend the time-tested traditional knowledge with creativity to achieve the desired results in their ventures and help the economy to grow without compromising with India’s business ethos,” Prof Tiwari said.

Quoting extensively from the Vedas and Kautalya’s Arthashastra, Prof. Tiwari said that the ancient religious scripts showed the way for the robust economic growth through strict tax compliance by the citizens and, at the same time, noted that the tax compliance in India continued to be low due to lack of moral conduct of the tax payers. 

“According to Kautalya’s Arthashastra, the strength of a nation depends on its military power and, for a stronger military power, the tax collection in the country would be high. The same principle applies even today for a stronger economy and strong country,” he said.

Secretary of Sharanabasaveshwar Vidya Vardak Sangha Basavaraj Deshmukh inaugurated the seminar and vice-chancellor of Sharnbasva University Anilkumar Bidve made introductory remarks. 

Development consultant of Giri Foundation in Dharwad Pradeep S. Melgade also spoke on the occasion. Registrar of the university S.G. Dollegoudar welcomed and Sunanda Vanjerkhede proposed the vote of thanks.

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