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Tamil Nadu
‘Only globalisation can uplift the poor’
Staff Reporter
Opening up of economy will result in more industries coming up Gandhian economic model will not work
SATHYAMANGALAM: Globalisation is the only way to uplift the country’s poor, Karthi P. Chidambaram, son of Union Finance Minister P. Chidambaram, said.
Participating in a programme ‘Ulagamayamakkudhal Suzhalil Poruladharam’ (economy in a globalised world) at Bannari Amman Institute of Technology here on Tuesday, Mr. Chidambaram said he agreed to the fact that 84 per cent of the country’s population had not benefited from globalisation so far.
But that did not mean that the country could return to the insular economic state. The only way to uplift the 84 per cent people was to continue the globalisation process.
“By way of opening the economy, more industries will come up, leading to creation of more employment opportunities, and by making use of those new opportunities, people will climb the social ladder,” he said.
The London School of Economics alumnus said in the present economic circumstances Gandhian economic model would not work. “What Gandhi said was relevant during his time, and it had to be taken in that context. It would be wrong to apply it in present day,” he said.
Arguing for further liberalisation, Mr. Chidambaram said it was not the Government’s job to provide employment. Its job was just to create a climate conducive for more industries to come up.
On retailing, he said in the whole debate on retailing, everybody forgot about the consumer, who had to gain a lot. If big retail stores were able to provide vegetables and fruits at a cheaper price, they ought to be welcomed, he said.
Earlier, Bannari Amman Group of Companies Chairman S. V. Balasubramaniam welcomed the gathering.
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