Unequal and lopsided distribution of wealth, over exploitation of minerals and natural resources, corruption and many other anti-economic activities need to be addressed for the development of Indian economy, said Professor S Rajendran of Gandhinagar Rural Institute.
He was addressing audience at the one-day national level conference on Development prospects of Indian Economy organised by Department of Economics and Cooperation, University of Mysore.
Prof Rajendran said, “Today every government that comes to power is promising to bring back the black money. But we have forgotten that black money emerges from local. Black money doesn’t just exist in Swiss or other foreign banks. Black money exists even in our country among our neighbourhoods and neighbouring regions. According to a report from the year 1948-2008, for every hour around Rs 400 crore of wealth is migrated out from India through illegal means and this is the kind of situation we are facing today. There is almost $1456billion of Indian black money outside the country, according to a 2011 report. Corruption, black money, lopsided distribution of wealth are affecting the development of Indian economics.”
Later, addressing the gathering, Prof Vijaymohanana Pillai, Centre for Development Studies, Thiruvananthapura, said, “Development is an unobservable variable and we can feel the development with certain indicators. Under the influence of World Bank, we consider development in growth rate and the sad state is even India is following the same method as the indicator to register the development of our country. Mahatma Gandhi defined development and had given his perspective and model of economic development, we need to relook at it and consider it as a measure of development.”
Delivering the presidential address, former VC of Davanagere University, Prof S Indumati said, “Poverty is the question we all need to ponder over. India being one of the richest countries in resources is poor in economy. Many students from the nation who study in prestigious institutes including IIT, IIM and many other institutes, go out to work in other countries, parents take pride in telling. There are many issues that bother the development of Indian economy, we need to introspect and relook on addressing those issues.”