Monday, 22 October 2012

The Oracle Speaks on Reforms and GDP - Mr Joseph Stiglitz

Mr Joseph Stiglitz was in India to speak in the 4th OECD world forum. It provided an opportunity to the Indian media to seek his views on Indian economy. I was pleasantly surprisingly when I found that ET reporter Ms Shobhana Saxena in an interview with Mr Stiglitz asked him the kind of questions which I would have wanted to be asked from him. When I read this interview I was delighted.

Two questions in particular about our focus on GDP growth and on the September 14th 'reforms' were the best in my opinion and the answer was well what you would expect from Mr Stiglitz. This is what Mr Stiglitz replied in that interview:-
  • On GDP growth he said that when counting growth you need to look at environment degradation and resource depletion. We have per capita highest number of billionaires but at the same time many in poverty. essentially he is saying that our GDP growth is adding more wealth to the rich than it is to the poor.
  • On Retail FDI and Walmart he was quite critical and does not believe that jobs will be created. He believes that Walmart will use its power to bring in Chinese good and adversely affect Indian production. He also does not believe that Walmart's of the world are good employers in terms of quality of jobs.
If you read the interview which I am sharing here then do spend some time reading the comments and you will realize how some people have seen through the 'reform' bogey.

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