It truly does, if we go by Prof. Joseph Stiglitz’s keynotes at FICCI – Global Economic Outlook
M Q Syed , Editor TFT in this exclusive writes on the ‘Shock Waves’ to Politicians and Economists by Nobel Laureate Prof. Joseph Stiglitz at a recent FICCI Interaction.
While I was composing this piece, the “Politicians” had just assumed control over the issues to “Politicize” these exhorts for “Political Benefits”.
The recommendations and proclamations by Jospeh Stiglitz were additionally curved to suit the Opposition Politicians in India, including those of the likes of Congress leader Rahul Gandhi.
The outspoken economist ,during his interaction suggested that Prime Minister Narendra Modi and his party must get rid of the politics of division as “The source of economic prosperity of the last 250 years is one of tolerance”.
He said “I will start by trying to create an inclusive society. Politics of division is an antithesis of what needs to be done. Modi has tried to divide your country, Muslims against Hindus, and that is going to undermine your society and economy, no matter what else happens. This fundamental division will weaken India forever.In any case, we can not simply accuse the government for these debacles as we are similarly answerable for rising hate in a country of Peace. Scorn and grudge is spreading in our blood, we don’t find any human in anybody any longer. We have begun perceiving individuals by their religion, cast and belief, according to appropriateness and the circumstance.
Prof. Joseph Stiglitz was talking at “Global Economic Outlook”. The Interaction was organized by FICCI – West Bengal State Council on 5thof October 2020 and was attended by who is who of the corporate world.
Prof. Joseph Stiglitz is not a common man, he is Nobel Laureate in Economics, former Chief Economist of the World Bank and Former Chairman of the US President’s Council of Economic Advisors.
FICCI isn’t a small industry Association, but India’s Biggest Industry Body.
However, the issues raised by Prof. Jospeh Stiglitz finally proceeded to benefit the political leaders and ideologues out to further damage the reputation of the government.
The Nobel Laureate economist also described ‘India as a poster child of what not to do’. He went on to say “Economic aftermath cannot be tackled without tackling the pandemic” as Joseph was of the view that India has wrongly implemented Lockdown.
Joseph also said “It (India) picked up one idea that is important. Lockdown. Did not think about what it means in a poor country. How are people going to live, large number of people moving across the country? One could not have imagined anything worse for spreading the disease.”
Joseph argued that taxes on the rich may be increased to meet the shortfall. “Raise taxes on the very rich — you have a lot of billionaires in India — and spend the money well, it can stimulate the economy.”
Rudra Chatterjee, Chairman, FICCI – West Bengal State Council was moderating the session which also followed by Q&A.
Joseph’s arguments are worth pondering over; at the same time the opposition parties in India are hell bound to find any reason to pull the Government. In both these cases what Joseph said about ‘Divide’ is is already in practice in our country, by opposition parties and, those in the Government.