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Declining GDP is a price of globalisation: Sanjay Jha

Declining GDP is a price of globalisation: Sanjay Jha

Author | Saloni Surti | Saturday, Aug 24,2013 8:55 AM

Declining GDP is a price of globalisation: Sanjay Jha

A country is built by the way it thinks, says Sanjay Jha, National Spokesperson, All India Congress Committee. With the reducing value of rupee, inflation, recession, terrorism and other related issues, Indian citizens are seen to be losing faith in the system. However, Jha is of the opinion that it is not the time to be disappointed, but to have faith and be a part of the change.

“India is a young democracy, vibrant in nature and a radically transformed country. Today, India is a part of the global think tank. No international agenda is complete without India on it. And that in itself is a big achievement. The last 10 years have seen us opening up sectors like telecom, retail, pharma, education, healthcare, and we grew at a time when most economies were languishing during the financial crisis of 2007,” expressed Jha.

Nonetheless, the growth has managed to transform into economic prosperity for the nation. Addressing the pressing issue of devaluation of the rupee, Jha explained that the problem of the rupee falling drastically is partly global and partly domestic. The recovery of the US economy is the main reason for the rupee’s woes. Though the US-Eurozone recovery is bad in the short term, it holds lot of promise over the long term, Jha pointed out.

“Unemployment rates are declining and the $4 trillion that went into the emerging markets is now finding its way back home. On the domestic front, the gap between imports and exports is widening. Gold and oil imports are critical elements in our import bills, which need to be controlled,” said Jha, shedding light on the economic situation and the need of the hour.

Jha pointed out that Congress is not turning its back to any issues that are hovering over the country right now and will look at it in the right manner and direction. “We are a Parliamentarian democracy. The Parliament has to function in order to move ahead. Coalition compulsion is a reality. However, the political system has to deliver. It cannot fight at the cost of stepping on the toes of the common man. Corruption needs to be tackled by framing stronger laws. As a citizen, if you want change, you will have to be politically active,” said Jha while explaining Congress party’s stance on the current situation.

According to Jha, India is now at a phase where everybody needs to come together and work for the betterment of the nation. “The corporate sector points to a paucity of talent, while unemployment rates stay high. The need of the hour here is to maintain a balance in terms of quality by enhancing skills,” he added.

While to the naked eye everything might appear negative, Jha is of the opinion that faith is what can help people see the silver lining again. Decrease in GDP is a price of globalisation, which ultimately brought about growth in the country. The challenge right now is to revive the real economy and to boost production to a new level so as to strengthen the economy.

Jha expressed his views at an interactive meeting, organised by the Indian Merchants’ Chamber, Mumbai on August 22, 2013. The topic was aptly titled, ‘A Defining Decade – Why India’s Growth is Unstoppable’.

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