India should develop its own model of economic development: RSS functionary

By: |
October 10, 2020 8:06 PM

GDP is the standard measure of the value added created through the production of goods and services in a country during a certain period.

He suggested an Indian model of economic development "Sumanglam" which emphasises on employment-led growth.He suggested an Indian model of economic development "Sumanglam" which emphasises on employment-led growth.

A senior RSS functionary on Saturday claimed GDP was a “misnomer” and that India should develop its own model of development focusing on employment-led growth.

Bajrang Lal Gupta said the Gross Domestic Product (GDP) does not give a correct picture in a country like India, and cannot be the most important parameter for evaluating development.

GDP is the standard measure of the value added created through the production of goods and services in a country during a certain period.

“GDP is a misnomer in the Indian context as it does not include services which are not chargeable, while they are being charged in western countries,” he argued.

The RSS functionary was speaking at the convocation ceremony of IILM University which has three campuses in Delhi NCR region.

He suggested an Indian model of economic development “Sumanglam” which emphasises on employment-led growth.

“The five features of this model include fulfilling basic requirements of all citizens, employment for all, equal opportunities for education, providing health security and ensuring internal and external security of citizens,” Gupta said.

He reiterated that India should develop its own economic model rather than looking at capitalist and communist models.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Jute bags shortage to hinder govt’s kharif procurement
2Salvaging act: States curbed spending in FY20 to rein in deficit at budgeted 2.6%
3Union Minister Piyush Goyal launches SCO Start-up Forum