GDP a statistical jugglery: Murli Manohar Joshi

March 14th, 2009 - 7:39 pm ICT by IANS  

Kolkata, March 14 (IANS) Terming the Gross Domestic Product (GDP) as a “statistical jugglery”, senior Bharatiya Janata Party (BJP) leader Murli Manohar Joshi Saturday called for a new economic thinking model that takes into account the spirituality factor to tide over the global economic crisis.
Speaking at an interactive session with members of the Indian Chamber of Commerce (ICC), Joshi said GDP was “confusing and whimsical”.

“It is a statistical jugglery created only to give a false index of development… During the last five years, we continued to lose jobs, but the GDP was growing,” the former human resource development minister said.

Joshi said a successful economic model should be oriented for the common man. “A totally new thinking is necessary all over the world. Without spirituality, no economic or political system will work.”

Joshi said he was opposed to a total dependence on a state-controlled economy as also an exclusively market-regulated model. “State and market both are needed.”

Asked about his party-led government’s pursuit of reforms and liberalisation during its stint in power from 1998 to 2004, Joshi said: “There has to be a continuity of government policies. Our country adopted a certain path of economy before we came to power. We continued it. One needs time to change it. But before that time came we were out of power.”

Joshi said the products of the IITs should create jobs and not look for employment.

Railing against developed countries like the US, Joshi said: “They always have protectionist economies, while they ask us to open up ours.”

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