We talk of development and inflation. What is the criteria for development? Is it the booming share market? Or flooding the market with luxury goods? Or spending large amounts for travel and entertainments? Know that 70% of Indians live in villages. 30% are below poverty level. Will the above facts are an indication of progress of these poor lots? In my opinion we must find or evolve some ways to measure development with parameters applicable to the above lot. Let the Indian Economists think of how to make the lot smile. Words like perestroika, glasnost, agreements, bilateral &multilateral agreements, repo, cash reserve ratio, statutory liquidity ratio the list is long will not make them happy. We ruled India for 60 years with borrowed concepts and procedures. Is it not possible to device methods to measure development index based on some other parameters?
Dr. Kalam proposed in April 2007 a 'measure' of our growth in terms of National Prosperity Index. Let the economists put their brain to workout a way to measure NPI on the basis of key socioeconomic parameters-availability of proper nutrition, potable water, sanitation, housing, employment, quality education and health care all in the Indian context. The present method of GDP analysis does not suitIndia.
