Wealthy people should spare funds for social work, Bhagwati

Gujarat Global News Network, Ahmedabad

Remarkable economic growth of Gujarat will automatically lead the state in the most wanted social sector. This is how one of best known economist Jagdish Bhagwati sees the development model of Gujarat.

 

Delivering the first Swarnim Gujarat Lecture, Bhagwati said that Kerala which is now being praised for development of its social sector started with a high pedestal of social growth. But a comparison of different states suggest that Gujarat’s growth rate in the social sector is much higher than that of anywhere in the country.

Bhagwati declared that Gujarat was on right track. He said that India adopted a model in 1970s and 1980s under which it was presumed that equal growth should take place in all sections of the society. But this model has failed, he said. For the success the first thing is that economic growth should take place. The revenue generated from this growth can be used for the social sector, health and education and inclusive growth.

But he has a word of caution. There should not be wasteful show of wealth, he said. Tradition of wealthy people like Kasturbhai and Sarabhai should be revived as these persons used certain portion of their wealth for the social sector, he said. Bhagwati’s lecture was on “Debunking Populist Myths That Undermine Prosperity -Lessons from and For Gujarat”. Bhagwati is professor of economics and law at the Columbia University.

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