India’s Economic Growth is much better than that of China: Economist Prof A P Tiwari
KALABURAGI; Noted Economist Prof A P Tiwari disputed the popular nation that China’s economic growth was much better than the Indian Economy and said that the ground realities have proved otherwise and point to the robust growth of Indian Economy.
Delivering the key note address at the one day National Seminar on “An Ecosystem of Indian Entrepreneurship: A Probe” organized jointly by the Sharnbasva University and the Sharanabasaveshwar College of Commerce at the Doddappa Appa Auditorium in Kalaburagi City on Saturday, Prof Tiwari said that the claim that the China’s economic growth is very high was a myth and in fact the Indian Economy was performing much better than that of the China’s economic growth.
Prof Tiwari said that although the investment of the China in the production activity was 42.4 percent of the GDP its Incremental Cost Utility Ratio (ICUR) was very high at 8.1 resulting in a growth rate of only 5.2 per cent. Although the Investment rate of India was only 31.2 per cent of the GDP in the production activity, the ICUR in India was only 4.5 and the growth rate was high at 7 per cent.
“This is made possible as the startup culture in the Indian industry was won of the best and the innovative ideas of the Indian entrepreneurs was better when compared to others in the world” Prof Tiwari said and added that the budding entrepreneurs should combine the time tested traditional knowledge combined with economic creativity to achieve the desired success in their ventures and help in the robust growth of the Indian Economy.
Prof Tiwari said that the budding entrepreneurs besides adopting the traditional knowledge should adhere to the basic ethos of India. “India Ranks Number One in establishing Start ups in the world and the basic strength of the startups India was its adoption of the idiom “Small is Beautiful” which provided high labour absorption. “
Quoting extensively from the Vedas and the Kautalya’s Arthashastra, Prof Tiwari said that the ancient religious scripts have showed the way for the robust economic growth through strict tax compliance by all the citizens and said that tax compliance in India continued to be low due to lack of moral conduct of the tax payers in the country.
He said that the at present the growth of the GDP was 1 per cent if the tax collection was 1.8 per cent and the GDP growth rate due to the tax collection can be increased to 2.8 per cent if the tax compliance rate grows substantially.
According to the Kautalya’s Arthashastra the strength of a nation depends on its military power and for a stronger military power the tax collection in the country would be high and every citizen should follow tax compliance strictly. “The same principle applies even now for a stronger economy and strong country”.
Prof Tiwari stressed the need for changes in the education system which at present teaches western economy to the Indian students and the need of the hour was to teach the students about the time tested ancient Indian economy taught in the ancients scripts and traditional knowledge and the concept of family businesses to the Indian students. This would help in the faster adoption of the Indian ethos in the growth of the Indian Industry and help in the faster growth of the Indian economy.
Secretary of the Sharanabasaveshwar Vidya Vardak Sangha Mr Basavaraj Deshmukh inaugurated the seminar and Vice Chancellor of the Sharnbasva University Prof Anilkumar Bidve made introductory remarks. Development Consultant of Giri Foundation in Dharwad Mr Pradeep S Melgade also spoke on the occasion. Registrar of the University Dr S G Dollegoudar welcomed and Dr Sunanda vanjerkhede proposed vote of thanks. Registrar Evaluation of the University Dr S H Honnalli and was also present.