Era of prosperity ended with demonetisation: PM advisory panel ex-member
2 months ago

Era of prosperity ended with demonetisation: PM advisory panel ex-member

Deccan Chronicle  

Hyderabad: Prof. Rathin Roy, economist and former member of the PM’s Economic Advisory Council, said the growth model which had relied on 10 per cent of the population — which at 150 million was bigger than all of the German economy — had ended. Delivering a lecture, ‘Repairing The Indian Economy: Tackling Challenges And Driving Growth’, at the Guruswamy Centre here, Prof. Roy said: “The solutions to this cannot be technocratic.” He said 74 per cent of bureaucrats come mostly from technical background. “We are caught in the middle-income trap now and there is no escape… If someone does not have wealth bequeathed, even the top 10 per cent cannot have the same living standard,” Prof. Roy said. “We are now in the same bracket as Brazil, Argentina, Turkey and the Philippines where per capita income has grown but we have crime, destitution, stunting, poor health and education.” “I believe in market prosperity but I believe one should be able to pay for health, education etc., from their own income to claim success instead of being subsidised by schemes like Aarogyasri,” Prof. Roy said.

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