People Development Approach Key To Economic Growth: Premji

Bangalore, May 21: | Updated: May 22 2003, 05:30am hrs
Wipro chairman Azim Premji has said that to achieve and sustain the momentum of rapid economic growth, policy makers have to think of the economic scenario that awaits us 50 years hence and the kind of talent we require to meet that scenario successfully. Making the keynote address in the inaugural day of the World Banks annual bank conference on development economics Mr Premji called for investments in human capital in a sustained manner to face the challenges of growth and development.

Quoting the Endogenous Growth Theory formulated by Nobel Laureate Robert Lucas and Paul Romer Mr Premji said: growth cannot come from serendipties of technological innovations. Growth is driven by systematic social choices and these choices primarily include the investments in technological change and human capital enhancing activities like education and healthcare. If we have to accelerate economic development we have to carefully look at these social choices and ensure that especially the developing societies make progressive choices, he said.

Terming the current situation in India as surely encouraging, he said we have been now acknowledged by the world as store house for talent primarily due to the IT leadership and talent that India contributed to the world particularly in the last two decades. But he pointed out that the challenge before the country is how to create a sense of accountability to deliver commitments to electorate, to customers, to children, to our next generation and to the normal honest, law abiding citizen. Turning to Wipros experience, he said these goals could be achieved by meticulous planning, willpower, commitment of the highest offices and consistent pursuance of a people development approach. He said Wipro has identified enhancement of primary education facilities in the country as a focussed area with these goals in mind. The reason we decided to focus on elementary education was that we felt a sound elementary education with high quality learning could form a solid foundation for development of India, he said.