The World Opinion

Tag: Economic Advisory Council

  • India Needs To Grow At 7-8% Annually To Become Developed Nation By 2047, Says Ex RBI Guv | Economy News

    Hyderabad: India needs to grow at seven to eight per cent annually in order to become a developed nation with USD 13000 per capita income by 2047, former Reserve Bank Governor C Rangarajan said on Tuesday.

    Asserting that innovation cannot be a single solution to reduce inequalities or poverty, the former Chairman of the Prime Minister’s Economic Advisory Council said besides a faster growth rate, the country may need social safety nets such as subsidies in kind of cash and basic income.

    “I would say that the real growth between 7 percent and 8 percent will take it closer to the developed economy because the developed economy by definition shows per capita income of USD 13,000 or more. India’s per capita income is now at USD 2700. That means per capita income will have to increase by five times,” he told PTI. (Also Read: PM Announces Surya Ghar Muft Bijli Yojana, To Give 300 Units Of Free Electricity Every Month To 1 Crore Households)

    According to him, if the exchange rate is kept at a lower level or if the prices go up then nominal income will increase, then India can become a developed nation. “Therefore, I am saying that the calculation of the dollar value of the Indian economy depends upon the real growth, the level of inflation and exchange rate, he added. 

    Raghunath Anant Mashelkar, Former Director General of the Council of Scientific & Industrial Research (CSIR), today delivered the ICFAI 13th Foundation Day Lecture While Rangarajan, Chancellor of the University, presided over the function in virtual mode. In his speech, referring to the innovations in technology, Rangarajan opined that model economic growth has been spurred by a rapid and persistent observation of technology. 

    He also said that economists have estimated that one-half of the growth experienced by the developed countries in the last one and a half centuries or more has been due to technology. The former RBI Governor said more and increased attention has to be on increasing the livelihood opportunities for the people at the bottom of the pyramid and technology should focus on innovations that provide the poorer people the facilities that are affordable and accessible. (Also Read: Stock Markets Rebound On Buying In Banking, IT Stocks; Sensex Surges 482 Points)

    An inclusive innovation leads to affordable access to quality goods and services, which helps create livelihood opportunities for excluded populations on a long-term sustainable basis. And play a huge role in dismantling inequality, Mashelkar said in his address. In his welcome address, L S Ganesh, Vice Chancellor, ICFAI said that innovations are a separate phenomenon and they could be used to tackle the virulent challenge of inequality which the world faces.

  • PM’s financial advisory panel proposes city activity ensure scheme

    Via Categorical Information Provider

    NEW DELHI: With source of revenue inequality within the nation changing into starker, the Financial Advisory Council to the Top Minister (EAC-PM) on Wednesday proposed imposing an city employment ensure scheme at the strains of the Mahatma Gandhi Nationwide Rural Employment Ensure Scheme (MGNREGS).

    The panel raised considerations over rising inequality as captured in The State of Inequality in India Record launched by means of it.The record mentioned the labour drive participation price within the nation used to be 51.5% in 2019-20, which used to be higher than the 49% in 2017-18. On the other hand, the participation price of the ones skilled until upper secondary over 3 years from 2017-18 to 2019-20 used to be considerably low at 40-43%.

    The clamour for an city jobs scheme has been rising louder lately with expanding source of revenue inequality and activity losses. Mavens mentioned an urban-focused employment ensure scheme will pass a ways in supporting intake.

    Speaking to this newspaper previous this yr, BJP MP and chairman of the parliamentary committee on finance Jayant Sinha had mentioned {that a} scheme like MGNREGA for city casual sector employees may well be designed with the assistance of virtual infrastructure that the federal government has already constructed.

    The EAC-PM additionally advisable that elevating minimal source of revenue and introducing a common fundamental source of revenue are one of the vital measures that may cut back the source of revenue hole and facilitate equivalent distribution of profits within the labour marketplace.