Industry & Economy
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Economy
`Higher growth, expenditure, proper utilisation key for coherent economy'
Our Bureau
Hyderabad
,
Jan. 9
DR C. RANGARAJAN, Chairman of Economic Advisory Council to the Prime Minister, has called for a three-pronged approach comprising higher economic growth, a higher proportion of expenditure, particularly public expenditure on social sectors, and efficient utilisation of the funds allocated.
"These must be weaved together to produce a coherent pattern of growth," he said, delivering the valedictory address at the Silver Jubilee fete of the Centre for Economic and Social Studies (CESS) here on Monday.
Development must ensure equality of opportunities for all, he said. However, equality of opportunities did not necessarily guarantee equal incomes. "Different individuals will end up with different levels of income. So, it is necessary to assure every one a minimum level of living along with equality of opportunities," he said.
Stress should be given simultaneously on accelerated growth rate and social development. "These are the two legs on which the country must walk. Any strategy of development, which ignores any one of these, will only make the country limp along," he cautioned.
Social development and economic growth were not necessarily the same. There were many States in which there were wide disparities between the Income Index and Human Development Index (HDI).
Andhra Pradesh and Haryana ranked much higher in the Income Index than in HDI.
Andhra Pradesh ranked 11th in the Income Index but was as low as 20th in HDI. Similarly, Haryana ranked as high as three in the Income Index but was very low at 17th in HDI.
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