Is high GDP really a curse?

Many economists, leaders and intellectuals of today believe that the development rate India being close to 9% is a curse for India. They are partially right in saying so as their concern is the masses of the nation who neither contribute nor benefit from our spiraling GDP. Life for these people becomes difficult day bay day. These people have strong concern for equality. But believing that high GDP is a curse, the right thing?

Rapid economic growth inevitably makes some people, and some parts of a country more prosperous than others. Instead of opposing the economic process that is lifting millions of Indians out of poverty, a question we must ask is- are those being left behind denied access to opportunities that can make them prosperous as well? That brings out the progressive nature of India. Government must, on one hand tax the rich, and then use that money for welfare measures. But the first step always remains bringing money into the economy.

As a matter of fact, every great political reformer dreamt of an equal society.  Each one of them ended up introducing another ‘ism’ which ironically added to the confusion and therefore increased inequality in the society. The pursuit of equality is a  noble goal. But we have to ensure that wealth, and not poverty is distributed. An extremely poor society may be “equal”, but that’s not necessarily a good thing, if the entire population earns 50 Rupees a day. Rather than focusing on equality of outcomes- a concern common among many who call themselves progressive – they should think of equality of opportunity. And then watch the people of all classes prosper.

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One response to “Is high GDP really a curse?

  1. Pingback: Flying with science | Sourav Roy

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