GDP is a misnomer, India should develop its own business model (RSS official)

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A senior RSS official said on Saturday that GDP was a misnomer and that India should develop its own development model focusing on employment-led growth.

Bajrang Lal Gupta said that the gross domestic product (GDP) does not give the correct picture in a country like India and cannot be the most important parameter to assess development.

GDP is the standard measure of the added value created by the production of goods and services in a country over a period of time.

“GDP is a misnomer in the Indian context because it does not include services which are not chargeable, whereas they are invoiced in Western countries,” he argued.

The RSS official was speaking at the graduation ceremony of IILM University which has three campuses in the Delhi NCR area.

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

The five characteristics of this model include meeting basic requirements of all citizens, employment for all, equal educational opportunities, health security and internal and external security of citizens, Gupta said. .

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

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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