Why Are Indians Poor? Raghav Bahl on India’s Economic Renaissance

Co-founder of Quintillion Media and and Chairman of BloombergQuint, Raghav Bahl, seeks to answer the question.

Raghav Bahl, co-founder and chairman of Quintillion Media, including BloombergQuint, addresses key questions about the Indian economy. (Photo: The Quint)

Indians are poor, even as India is rich. One needs to constantly try and find the solution to Indians’ poverty by seeking the answer to this simple question: Why are Indians poor?

To mark the launch of BloombergQuint, India’s new multimedia financial news company, Chairman Raghav Bahl addresses the problem of how to put an end to the country’s ever-growing poverty.

In a piece titled India’s Economic Renaissance, Bahl, who is also the founder of The Quint, writes:

The problem is that India’s rulers have always tried to lull the people with short-term tactics, slogans, policy quick-fixes and meaningless targets; like increasing doles, creating corruption-inducing and wasteful subsidies, splurging on bad loans and credit, talking about increasing the share of manufacturing in GDP to 25 percent when, in reality, it has been shrinking.

Even the richest countries recognise that a high GDP or per capita income by itself will not guarantee growth, he adds.

Bahl talks about how India can use the resources of its people to create a large economic surplus, and suggests ways to invest this potential surplus. He states further:

The core objective of any economic plan has to be the complete elimination of poverty – what Gandhiji said, “to wipe every tear from every eye” – AND build a prosperous and healthy country.

Read the full story here on the newly launched BloombergQuint, India’s premier business and financial news company.