A talk on ‘Tall claims and bleak realities - features of the contemporary Indian economy’ by Kerala State Planning Board member R. Ramkumar on July 26 expressed concern over the unscientific projection of gross domestic product (GDP) rates as the nation’s prime growth indicator when the per capita Income was continuing at a very low rate.
Presenting his view points at the session organised by the Bankmen’s Club to mark the 55th year of bank nationalisation, he observed that the 120th position of the country in the global per capita income index reflected the poor state of the Indian economy.
“As per NITI Ayog figures and projections, the country will only be able to attain 90th position in 2050. The fact is that it always remains at a low level unveiling the real status of the economy and its growth rate,” said Mr. Ramkumar. He also said that unscientific figures were frequently being used to manipulate the actual economic situation.
Presenting a comparative report of India’s financial condition before and after the National Democratic Alliance (NDA) government came to power at the Centre, Mr. Ramkumar, who is also a Professor at the Tata Institute of Social Sciences, Mumbai, pointed out that the manufacturing and service sectors mainly witnessed the impact of slow economic growth after the NDA government assumed power. The country could achieve only 4% growth as per scientific data on the last four years, he claimed.
Bankmen’s Club president James C. Lazar presided over the session. C. Rajeevan, national vice president, Bank Employees’ Federation of India; and V. Girishan, assistant general secretary, National Confederation of Bank Employees, were present.
