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The Hindu Lit Fest 2024 live updates | Chennai’s literary carnival begins with India’s economic growth in spotlight

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‘Rigid, top-down, precise systems are not good’ for India’s development, says Montek Singh Ahluwalia

In the first session, journalist N. Ravi sets the tone of the conversation by accounting for India’s economic gains and the faltering per capita income. Economist Montek Singh Ahluwalia says the question of a ‘rich economy’ is understood best through the latter: a scenario where per capita income is well-distributed.

“Looking 22 years ahead, can we grow at 8.5%, will it be inclusive, will the governments be responsive to the need to provide public services that a developed country needs?” Mr. Ahluwalia asks. He lists some factors that are likely to influence India’s development: new technologies that infiltrate the production space, labour force development, flexibility of governments, most of all. “By any standard, we must accept that the growth is not where it needs to be. And that’s partly why we’re not seeing the employment results we want,” he says. 



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