'Higher growth rate need not lead to development
Striking a cautious note on wooing corporate capital without bothering its fallout on the rural poor and marginalised sections, well-known economist Prabhat Patnaik today said the notion that a higher growth rate would contribute to a balanced dev...
By PTI |
THIRUVANANTHAPURAM: Striking a cautious note on wooing corporate capital without bothering its fallout on the rural poor and marginalised sections, well-known economist Prabhat Patnaik today said the notion that a higher growth rate would contribute to a balanced development was false.
"There has to be a role for corporate capital. But it has to be tempered with class justice," Prof Patnaik, also Vice-Chairman of Kerala Planning Board, said at a colloquium on "Kerala Development-- Searching new ways", organised as part of the 45th state conference of the Kerala Union of Working Journalists here.
The development paradigm followed by the country had not been able to absorb labour in any significant manner, resulting in imbalances and disparities, triggering unrest among the poorer sections, he said.
While going in for mega corporate projects, it was essential to ensure that there was no involuntary dispossession of petty farmers and marginalised sections, he said.
State Finance Minister T M Thomas Isaac and Industries Minister Elamaram Kareem, however, called for a far more realistic approach to developmental issues in the state to strengthen the productive sectors while retaining its inherent strength in social sectors.
"There has to be a role for corporate capital. But it has to be tempered with class justice," Prof Patnaik, also Vice-Chairman of Kerala Planning Board, said at a colloquium on "Kerala Development-- Searching new ways", organised as part of the 45th state conference of the Kerala Union of Working Journalists here.
The development paradigm followed by the country had not been able to absorb labour in any significant manner, resulting in imbalances and disparities, triggering unrest among the poorer sections, he said.
While going in for mega corporate projects, it was essential to ensure that there was no involuntary dispossession of petty farmers and marginalised sections, he said.
State Finance Minister T M Thomas Isaac and Industries Minister Elamaram Kareem, however, called for a far more realistic approach to developmental issues in the state to strengthen the productive sectors while retaining its inherent strength in social sectors.
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