Tuesday, May 26th, 2020

Prime Minister calls upon the economists to address the adverse effect of poverty and pressure due to Climate Change

INVC,, Prime Minister Dr. Man Mohan Singh has called upon the Economists of the country to evolve mechanism to address the problems to poverty and pressure on Indian Economy due to climate change. Poverty remains a major challenge and poor are still too poor and we need to do much more improve their standard of living. To meet the end, the economy has to grow fast enough to create new job opportunities at a rate of faster than the growth of labour force. Our goal is inclusive growth and this has been explicitly enshrined in our Eleventh Five Year Plan. To achieve our objective of inclusive growth we need to pay much greater attention to education, healthcare and rural development focusing particularly on the needs of the poor, SC, ST and minorities, PM Added. On the efficient and economic use of scarce natural resources like land and water, Prime Minister said that special attention has to be paid to increase agricultural productivity of small and marginal farmer. The world faces a new difficult challenge in the form of climate change. Issues arising out of climate change and its impact give rise to new concerns about a sustainable path of development. Sustainable development gets infinitely linked with energy efficiency and energy security. Economists have much to contribute to our understanding the complexities involved and finding constructive solutions, Dr. Singh said. He further said that over all greater emphasis has to be laid on reforms of the systems of governance so as to reduce the corruption, lower the transaction costs of starting new business and create of an environment conducive of promotion of innovation and risk bearing. Calling upon the economists not to be confused with cyclical behaviour of Indian Economy Prime Minister said that since 1991, our economy has seen ups and downs due to factors like East Asian Crisis, global economic crisis etc. We should therefore look at the average growth rate after 1991. If we consider the 18 years from 1992-93 to 2009-10 the average growth rate is 6.8 %. The congress led government that has been in place since 2004-05 can claim to have achieved an average growth rate between 2004-05 and 2009-10 that is likely to be 8.5%. We can therefore claim that we have entered the target range for growth set by Pandit Jawahar Lal Nehru long years ago, PM Added. On poverty PM told that the percentage of population below the poverty line has certainly not increased. Infact it has continued to decline after the economic reforms at least at the same rate as it did before. It is true that the rate of decline has not been faster as it should be, but it has declined, PM Added. Addressing the conference Orissa Chief Minister Shri Naveen Patnaik said that his government takes steps to make Orissa an investor friendly state. His government is striving hard for improving fiscal health. He future said that priority is being given on agriculture, education, health care, rural connectivity, irrigation, electricity like infrastructure development to reduce social and gender disqualifies. President of India Economic Association Prof C. H. Henumant Rao welcoming PM detailed out the deliberations scheduled in this three days 92nd Annual Conference of IEA in Bhubaneswar. Eminent Economists of the country have joined to discuss on the economic jagruti and various economic issues that our country faces today particularly in a period of global economic crisis.

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