By M N Buch (Guest Writer)
The mantra of the votaries of economic liberalisation is growth and growth rate. The market is the only factor which should guide the economy, market competition is beneficial to consumer, producer and society at large and growth is the only way to achieve economic prosperity. Missing from the argument is the word equity. Under the present government till about a couple of years ago a projection of 8.5 per cent per annum growth of GDP had been touted. What is not mentioned is that with this high rate of growth the increase in employment is less than 0.3 per cent. Normally one would have thought that as more money is generated a commensurate number of jobs will also be created, but the fact is that the rate of growth of jobs indicates a stagnation in the formal sector. If a very healthy growth rate does not generate jobs, where is the money going?
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