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Wealth of the nation should be distributed equally: KTR

Industries Minister KT Rama Rao stressed the importance of distributing the nation’s wealth equally among all sections, saying politicians should focus on economics rather than politics.

India is in a perennial mode of elections, and politicians are more concerned with winning elections than creating wealth for future generations, he said at the NHRD ‘Decode The Future- The National Conference’ here on Thursday.

He pointed out that despite being the most populous country in the world, the majority of the country’s wealth was owned by a few individuals.

“We need to think whether the leadership of our nation is giving us the aspirations of being a 25 trillion economy, besides how the wealth can be distributed equally among all sections,” Rama Rao said.

Prime Minister Narendra Modi says freebie culture is bad for our country, but it should also be remembered that India is still a third world country, he said.

In the 1980s, India and China had GDPs that were nearly identical. He said that China now has an 18 trillion dollar economy, while India has a three trillion dollar economy. Similarly, despite its geographical and topographical challenges, Japan had the world’s third largest economy.

“China and Japan excelled because they focused on development and India’s focus was on politics,” he said.

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He stated that the most difficult challenge for any leader was not wealth or capital management, but rather people management, and that India’s strength was its young think force.

Unfortunately, he said, the youth were being trained and groomed to be job seekers rather than job providers.

Telangana made good use of its natural and human resources, achieving a 15% CAGR. He pointed out that Telangana’s per capita income in 2014 was Rs.1.24 lakh and has since increased to Rs.2.75 lakh, while the national average was Rs.1.49 lakh.

Hyderabad was the vaccine capital of the world. Telangana has issued nearly 22,000 clearances for industries through TS-IPASS in the last 8.5 years, resulting in 21 lakh direct jobs.

“Our State achieved 7.7 percent increase in green cover. Telangana ensured welfare and development and if only the rest of India had worked like Telangana, we could become much bigger than a five trillion dollar economy,” Rama Rao said.

 

 

 

 

 

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