Financial Daily from THE HINDU group of publications
Monday, Dec 23, 2002
Financial Daily from THE HINDU group of publications Monday, Dec 23, 2002 |
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Industry & Economy
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Economy `10 pc annual growth must for 20 years' Our Bureau
HYDERABAD, Dec. 22 THOUGH India and China have different economic models, in the last two decades China has accomplished many things and achieved considerable progress, but in India responsibility has been shirked in the name of democracy, according to Prof Manoranjan Dutta of the Department of Economics, Rutgers University, US, here. In his lecture on "Paradigms of industrialisation: China and India" delivered at the Administrative Staff College of India (ASCI), he said that the country, an agriculture-dominant country, should grow at 10 per cent a year for the next 20 years if it wanted progress. For this, the country should have its own agenda and annual investment of $100 billion. He said the investments should be in environment-friendly technologies and in infrastructure development including education and health. Funds could be raised through privatisation of State-owned enterprises, consumer-friendly small savings and labour unions. FDI was an important component in this exercise and an atmosphere conducive to its steady flows should be created. Prof. Datta said that globalisation would be operationally successful if each economic region with competitive shares of world GDP and trade was made to contribute competitive shares to the IMF and World Bank for maximisation of economic gains. There should be no "fortress" regional grouping. Neither the Pacific Ocean grouping nor the Indian Ocean grouping was working and the Asia Pacific Economic Cooperation had delivered little. Only the European Union was on the march and lessons should be drawn from it. Dr E.A.S. Sarma, Principal of ASCI, said there was a paradigm shift in the ideology of China and it was accepting private ownership of land in rural areas. It was cultivating a broad market culture. Its FDI was 10 times more than that of India and it had amended 2,300 laws to join the world Trade Organisation a year ago, he added.
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