Letters to the Editor
Exploring Comprehensive Economic Measures
Editor,
The insightful article "Economics from the Common (Wo)man’s Perspective" by Patricia Mukhim (ST, Nov 29, 2024) sheds light on critical issues surrounding India’s Act East Policy and the limitations of GDP as a measure of progress.
Originally the Look East Policy, the Act East Policy has seen India actively engaging with eastern neighbors. The piece highlights concerns about investments in Myanmar amidst its turmoil and stresses the importance of strengthening ties with China. Furthermore, informal trade with Bangladesh persists, underscoring the need for formalization to benefit North East India and West Bengal.
The article critically examines GDP’s inadequacies, suggesting the Genuine Progress Index (GPI) as an alternative measure. Unlike GDP, GPI considers social, environmental, and economic factors, offering a holistic progress view. While several countries, including the U.S., Canada, and others, have experimented with GPI, it hasn’t replaced GDP. However, it aids in formulating sustainable policies.
India could benefit from adopting the GPI given its economic challenges. Despite impressive growth, India’s issues such as environmental degradation and social inequality need addressing. GPI could facilitate more inclusive and sustainable development by encompassing these aspects. Adoption challenges include data requirements and policy adjustments. Yet, GPI promises a clearer progress picture, addressing complex national challenges.
Yours sincerely,
VK Lyngdoh
Harnessing Meghalaya’s Potential
Editor,
Impressed by Patricia Mukhim’s article, I believe our education system fails to meet the urgent needs of impoverished societies. In Meghalaya, transforming sectors like tourism, horticulture, and sustainable agriculture could revolutionize the economy. It’s vital to balance development with preserving cultural heritage, focusing on skill development aligned with technological advancements for an inclusive growth model.
Yours sincerely,
Tanuj Goswami, Assam
Original Story https://theshillongtimes.com/2024/11/30/time-to-complement-gdp-with-gpi/
Category : LETTERS TO THE EDITOR
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Publish Date: 2024-11-30 00:31:00
