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Progress made but economic inequality remains: Krugman on India (Second Lead)
New Delhi, March 17 (IANS) Nobel Laureate Paul Krugman on Saturday said India has made rapid progress on the economic front but economic inequality in the country remains an issue.
India has become a much “better place to do business” than it was earlier, though the bureaucratic obstacles have not gone away completely but reduced enormously.
“India achieved as much economic progress in the (last) 30 years as the Great Britain did in 150 years. It is a very rapid space of transformation….why does there still seem to be visible poverty in India?
“One problem is high degree of economic inequality,” Krugman said at the News 18 Rising India Summit, adding that India has made “enormous strides” in economic progress but the wealth has “not been evenly distributed”.
On rising income of middle-class in emerging markets globally, he said: “People, when (they) mostly talk about the story, understandably focus on China, but India is part of the story as well. …India is still poor, but not in the same level at all. Indian GDP per capita is about 12 per cent of the US level now, which sounds low but that is up from 4 per cent not that long ago.
Terming India’s economic growth progress as “extraordinary”, he said the country has become (on purchasing power) the world’s largest economy overtaking Japan and while being behind the US and China, it is far bigger than any European country.
Attributing factors that played a role in the economic “progress”, Krugman said there was a dramatic change in India’s policy including liberalised policies taken in early 1990s.
“I am on the Centre-Left, but I do not think the government should have a heavy hand on economy. India used to have License Raj, where bureaucratic obstacles were immense and that has not gone away completely but enormously reduced. India has become a much easier place to do business that it was. The PM said India moved from 148 to 100 in the rankings. That is not a badge of distinction, but it is better than it was,” he observed.
According to Krugman, the transformation of policy came at a good time and the country opened up at the right time.
The infrastructure is still a problem but it is better than before, he said.
“India brought policies that opened up possibilities of doing business and made India attractive place for international companies to do business. There has been a real transformation of policies,” he said.
The American economist, who won a Nobel Prize in 2008, was also optimistic about India for having first mover’s advantage in terms of globalisation of services.
According to him, India’s growth story has been quite unique as the services-led growth have not been seen anywhere else in the world and the country can ride the next wave of globalisation on its demographic dividend.
He, however, warned creation of employment and jobs is utmost important to sustain projected growth in demography and lack of manufacturing sector could work against it.
He also touched upon the problem of corruption that the country has been facing.
“There are issues of corruption. You cannot become Denmark with Chinese levels of corruption,” he added.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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