Mysuru: India’s economic development has been unique in a broad perspective. It belongs to neither firstly the Western European or American Model and secondly the model of East Asian Countries which witnessed rapid economic progress following World War II. Having nurtured democracy as well as sustained economic development amidst a lot of social diversities of faiths, castes, languages, incomes of the people, it calls for celebration. The task of reducing these differences and their fallout on  the country’s economic development process has proved very difficult calling for a policy spelling out redistributive measures and anti-poverty programmes. However, two important sectors namely health and education have been the biggest disappoint of the country’s 70-year democracy across the many governments, opined Dr. Arvind Subramanian, Chief Economic Adviser to the Govt. of India.

He was delivering a talk on “The Indian Economy; Some Issues” in the D.V. Narasimha Rao Lecture series under the auspices of Desiraju Trust of Dr. D. Rajagopala Rao and Desiraju Family at the auditorium of All India Institute of Speech and Hearing (AIISH), Manasagangothri, here yesterday.

Poverty level

The speaker averred that although the nation started with an economy marked by high-skill manufacturing industrial sector, current scenario doesn’t look that good in comparison with Malaysia, Thailand, Taiwan, China and Vietnam, although poverty level of the nation’s masses has come down significantly. Also, the country has witnessed good progress in reducing the many social differences, except the contentious issue of languages, he observed. The nation’s economic development score card was not too bad, neither spectacular, he added.

Describing the contemporary achievements of the government as an astonishing feat, the speaker cited the examples of bringing in Goods and Services Tax (GST) through a combination of political will, administrative acumen and technological competence in the country, introducing Jan-Dhan, Aadhaar and others to provide improved services to the people, through less leakage in the stages of implementing the many anti-poverty programmes such as direct benefit from measures, cooking gas subsidy and others.

Basic income

Dr. Arvind Subramanian highlighted the aim of the government as ensuing a universal basic income to every Indian in cash rather than kind such as subsidised food grains. Huge debts of companies, uncleared loans issued by banks, exit from public enterprise to private, shrinking, share of agriculture in the country’s economy and providing health services as well as better education to the people at large offer great political opportunities in the economic development process, he concluded on an optimistic note.

Prof. D.S. Ramakrishna Rao delivered the inaugural address. Amulya of the School of Architecture rendered invocation. Narendra Desiraju proposed a vote of thanks. Members of Desiraju family including Keshav Desiraju, Dr. D. Rajagopal Rao and Aditya Desiraju were present.