Hamid Ansari urges industry to ensure equitable growth

 A file photo of Vice-President Hamid Ansari. Photo: Sandeep Saxena

Growth and equity are inseparable and the corporate sector as well as the government must play critical roles to ensure sustainable and inclusive growth in India, Vice-President Hamid Ansari said in Mumbai on Monday. 

“Empirical evidence shows that growth without equity is not sustainable in the long run. On the other hand, desired levels of equity or inclusion can not be attained without rapid and sustained growth. Hence the solution is not in 'either or' but 'in both'“ Mr. Ansari told a gathering of industrialists in Mumbai. 

He was speaking at a Symposium on Wealth & Value Creators organised by Indian Merchant's Chamber (IMC), a 108-year-old industry association. 

The function was also attended by Maharashtra Governor C. Vidyasagar Rao and Maharashtra Chief Minister Devendra Fadnavis. 

“We have attained self reliance in most agricultural products and are even exporting them. Our service sector is counted among the best in the world, manufacturing has grown and diversified into hi-tech areas. India's share in global trade and investment has been on the upward trend, albeit modestly. In these endeavours, the public and private sector have made valuable contributions to the national growth and development agenda,” Mr. Ansari said. 

“The task, however, is by no means accomplished. We still have the dubious distinction of being home to the largest number of poor in the world. Inequality in social and economic terms is a stark reality. Unemployment is rampant. Hunger, malnutrition, disease, illiteracy and homelessness still affect a large section of our vast population,” the Vice-President added. 

He said India's manufacturing capabilities and service sector should grow in terms of quality and quantity, if the country would like to match the levels of other developing countries such as Brazil and China. 

“Given the size of our economy, our share in global trade and investment also should be much higher,” Mr. Ansari said. 

Speaking at the gathering Mr. Fadnavis said, India needs to eliminate poverty but the instrument has be growth. “We must create wealth and also there should be distribution of wealth. It means every one must get a chance to create wealth,” he said.