Page 136 - EW-December-1-31-2024-merged

Books

Perfect INDIA@100: ENVISIONING must continue to focus on
economic growth to lift
prescription TOMORROW’S ECONOMIC the poor out of poverty by
POWERHOUSE
Krishnamurthy Subramanian expanding the overall pie,”
rebutting the left-liberal
T’S SURPRISING that RUPA PUBLICATIONS argument for prioritizing
this seminal growth Rs.995 Pages 520 redistributive justice.
Iand development ideas- Nevertheless under his
packed book authored by second pillar, presented in
Krishnamurthy Subra- Section 3 which runs over
manian, former Chief transformed the subcon- In this well-argued 90 pages, Subramanian
Economic Advisor (2018- tinent from the world’s compendium, the proposes empowerment
21) of the Union govern- wealthiest region account- author presents and upward mobility of
ment, hasn’t generated ing for 20 percent of global his four pillars plan the poor through em-
much media and academic output to one of the poor- to attain the 2047 ployment and “good jobs
attention. Subramanian est with per capita GDP Viksit Bharat and to transform lives”. In
served as CEA during the of $2,485 (cf. America’s $30 trillion GDP plus particular, one sentence
pandemic when there was $80,035). goals in the prologue to this sec-
every possibility of the Refreshingly, Subrama- tion sums it up: “Employ-
economy sinking because nian entertains little doubt ment lies at the heart of
a panicky government or- that if India “redoubles inclusive growth, serving
dered the most prolonged its commitment to the well-argued compendium, as a conduit for economic
shut-down worldwide of sound economic policies Subramanian presents empowerment and social
business, industry and implemented in the last his four pillars plan to mobility... large sections
commerce — and particu- (past) decade, aiming ensure that India grows of the commentariat still
larly of education institu- for annual growth of 8 its economy at 8 percent paint entrepreneurs and
tions. percent, India @100 could per year to attain Prime businessmen with the
That the economy potentially achieve a $55 Minister Modi’s Viksit broad brush of ‘necessary
didn’t sink completely was trillion economy” based Bharat and $30 trillion evil’. It is important to
because of Subramanian’s on compounded growth GDP centenary year goals. dispel such notions and
sage advice that instead of calculus after allowing for Indeed, Subramanian recognize that entrepre-
providing universal unem- rupee depreciation and believes that if his neurs and businessmen
ployment and consump- inflation. development strategy is contribute tremendously
tion subsidies, GoI should To sustain and improve implemented, the PM’s to society by creating
invest constructively in the current annual rate $30 trillion GDP goal meaningful jobs.”
building infrastructure of economic growth by 2047 will prove too Of course meaning-
to ensure quick bounce- to 8 percent per year, modest. ful employment and
back after the pandemic. drawing on the examples The first pillar proposed good jobs for all neces-
Fortunately, the BJP-led of post-1978 China’s by the author is “laser-like” sitates a robust education
NDA government at the ‘Four Modernisations’ focus on macro-economic system, and the author
Centre heeded his advice (agriculture, industry, growth. In the short run addresses this seemingly
and the Indian economy defence and science) this will result in extreme intractable issue of post-
has quickly recovered its strategic development wealth inequality — the independence India in the
growth momentum. plan; Japan’s post World bug-bear of Paris-based very last chapter of this
Similar good advice is War-II resurrection economist Thomas Piketty solutions-rich book titled
provided to government plan resting on four and left-liberals in India — ‘Knowledge catalyst: em-
and the public to sustain pillars ((industrial admits Subramanian. powering India’s human
India’s 7 percent plus GDP policy, education, But in a 73-page section capital through education’.
growth momentum until infrastructure, export-led (which also highlights Here he makes a seminal
2047, the centenary year growth) and post WW II the importance of judi- suggestion that instead of
when the country will Germany’s four pillars cial reform) calling for trying to attract the best
celebrate its independence plan (competitive market prioritizing growth over talent into K-12 education,
from almost 200 years economy, strong welfare distribution, the author a more practical solution
of exploitative British state, labour reforms and insists that “given India’s would be to improve the
rule. That era of darkness fiscal rectitude), in this stage of development she teacher training process,

136 EDUCATIONWORLD DECEMBER 2024