Monday, March 30, 2009

GDP : A Statistical Jugglery

I call the Gross Domestic Product (GDP) as a "statistical jugglery” and call for a new economic thinking model that takes into account the spirituality factor to tide over the global economic crisis.

While speaking at an interactive session with members of the Indian Chamber of Commerce (ICC) recently in Kolkata, I termed GDP to be confusing and whimsical. It is a statistical jugglery created only to give a false index of development... During the last five years, we continued to lose jobs, but the GDP was growing.

A successful economic model should be oriented for the common man. A totally new thinking is necessary all over the world. Without spirituality, no economic or political system will work.

I oppose total dependence on a state-controlled economy as also an exclusively market-regulated model. State and market both are needed.

If you ask about my party-led government’s pursuits of reforms and liberalization in power from 1998 to 2004, I would say that there has to be a continuity of government policies. Our country adopted a certain path of economy before we came to power. We continued it. One needs time to change it, but before that time came we were out of power.


Shankar said...

I wish to see a future govt create a suitable climate for technology and innovation in India. Instead of banning IIT grads from leaving the country, we should consider exit tax on those leaving within 5 years after graduation. This was suggested by IMF.

Such proposals have come up before but never see the light of the day - almost all the the big guys advising the government on Science and Technology have children settled in USA or Europe. And some also have teaching assignments in western universities.

Vikas Gupta said...

Off topic:

Welcome to the Blogging world Mr. Joshi! I was surprised to find you here.

You should have started this blog on WordPress. WordPress is the best blogging platform (Advaniji's blog is also there). You can still migrate easily to WordPress if you want to.

I am surprised this blog is not popular; you are avoiding the media probably on this!

By the way, I am no BJP supporter because I love the Muslims and the diversity of this nation as much as I love the Hindus or Christians or Sikhs!

My blog has slogans on Atalji and a poem on Sonia if you want to see. You may visit my blog for it (keep in mind that it is copyrighted, LOL)!

Jai Hind Murali ji!

PhD student, JNU

पवन कुमार अरविन्द (Pawan Kumar Arvind) said...

Very good