Ris­ing in­equal­ity among dif­fer­ent classes can’t go on for long: Pranab

The Free Press Journal - - MUMBAI - STAFF RE­PORTER /

In­dia has achieved rapid growth over years but that has not al­ways re­flected very well in em­ploy­ment gen­er­a­tion. For­mer pres­i­dent Pranab Mukher­jee who was in the city added that a job­less growth is no growth in In­dian sit­u­a­tion. While de­liv­er­ing 7th M Visves­varaya Memo­rial Lec­ture at WTC, Mukher­jee said, “In­dia has achieved spec­tac­u­lar progress in the last cou­ple of decades with sus­tained eco­nomic growth of around 68% an­nu­ally.”

He stressed that the growth has to be in­clu­sive. “There is a ris­ing in­equal­ity among the dif­fer­ent classes of the so­ci­ety which can­not go on for a long pe­riod.” Cit­ing Na­tional sam­ple sur­vey or­gan­i­sa­tion, he said that top 10% of the pop­u­la­tion owns 61.51% of the as­sets while the bot­tom 50% has a share of only 4.77 of the as­sets. He also men­tioned about World In­equal­ity re­port which states that top 10 per cent of pop­u­la­tion holds 54.2% of na­tional in­come share. “This gap is huge and should be un­ac­cept­able,” pointed Mukher­jee. He claimed that the trickle-down the­ory has failed and the huge in­equal­ity is the proof. Since 2003 till 2018, In­dian econ­omy has been grow­ing at 7.6%. He added In­dia main­tained that growth de­spite the Lehman brothers’ cri­sis. Talk­ing about the tax­a­tion sys­tem of In­dia, Mukher­jee said that widen­ing the tax net and ra­tio­nal­is­ing it with an aim to tap hith­erto un­taxed sec­tors, is one of the steps to take In­dia for­ward. He felt that GST has brought a sea change in the tax sys­tem in In­dia but still there are loop­holes that can be ad­dressed.

In­dia, is di­ver­si­fy­ing from agro-based to man­u­fac­tur­ing and ser­vice-based econ­omy, the suc­cess of this di­ver­si­fi­ca­tion is highly de­pen­dent on the avail­abil­ity of jobs and qual­ity of the labour force, he added. In­dia gen­er­ates over 3,30, 861 MW of power, pro­duces 90 mil­lion tonnes of steel, 280 mil­lion tonnes of ce­ment, 26 mil­lion me­tre tonnes of sugar and lead the world in liq­uid milk. At the memo­rial lec­ture on ‘In­dia’s Jour­ney to­wards In­clu­sive Growth’ which was de­liv­ered by Mukher­jee, WTCA Award of Hon­our was given to Ratan N Tata, Chair­man, Tata Trusts. Also present on the oc­ca­sion was Ka­mal Mo­rarka, Chair­man, WTC Mum­bai; Pranab Mukher­jee, For­mer Pres­i­dent and Vi­jay Kalantri, VC, WTC Mum­bai.

Ka­mal Mo­rarka, Chair­man, WTC Mum­bai; Pranab Mukher­jee, for­mer pres­i­dent of In­dia, Vi­jay Kalantri, VC, WTC Mum­bai

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