STRONG ECONOMIC PROGRESS: WE NEED FUNDAMENTALS

STRONG ECONOMIC PROGRESS: WE NEED FUNDAMENTALS

Do you agree with the argument that even in these precarious times when we are struggling to catch up the speed of economic growth with the overall increase in the income of the workforce, some fundamental issues  as those of education, technical education, health and public health, climate change impact are being ignored? There is hardly any constructive public discourse about these subjects in context of economic development by academicians, policy makers, politicians, industrialists and journalists. These are the people of elite group who are in a position to set the tone of development but all such efforts by these people are conspicuously absent from public domain. Of course physical resources and trade and manufacturing policies are of great importance and no one can deny this, the importance of education, skill, health, climate etc can also not be brushed aside. India is a labour intensive, capital scarce economy facing the daunting tasks in the field of education , skill development, climate management and public health. So the labour quality and labour intensive tech and labour intensive industry of manufacturing and of service  are at the very core of the subject. Any economic development which is highly dependent on govt intensives only has a limited scope for its expansion. Governments can't invest all capital at their disposal into some selected fields. So govts need to focus on certain areas and bigger industries must be compelled by the public policy to invest in other sectors of economy which are essential for economic growth. At the same time, it's opportune time for the policy makers  to shift their attention from GDP to WELLBEING INDEX as a measure of economic progress. And so our intelligentsia must take responsibility of debating and guiding our economic welk being beyond GDPs.

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