New Delhi, October 3 (Daily Kiran) : Global economists gathered in New Delhi on October 3 to commend India’s economic progress, emphasizing the importance of sustainable development, education, free trade, and income-based taxation. They believe these factors can position India as a leading global economic power.
During discussions at the 5th Kautilya Economic Conference, Swedish economist Daniel Waldenström remarked on India’s significant advancements through development-oriented policies. He noted that the country is well-placed to convert economic growth into broad social benefits.
“India is moving in the right direction regarding rapid economic expansion. The focus on development has been very positive and will aid in improving education, infrastructure, and living standards,” Waldenström stated.
He suggested that policymakers should prioritize income inequality over wealth inequality, as income levels provide a clearer picture of poverty and economic opportunities. Waldenström pointed out that rising wealth among entrepreneurs often signals a growing and globally competitive economy.
On the topic of taxation, he advocated for taxing capital gains instead of relying on property or inheritance taxes. This includes taxes on corporate profits, dividends, and interest income. He noted that many OECD countries have gradually moved away from property taxes.
Jean-Claude Trichet, former president of the European Central Bank and former governor of the Bank of France, echoed these sentiments, stating that India is progressing “very impressively” in a direction that aligns with its natural trajectory as one of the world’s key nations.
“India is certainly one of the two major emerging countries and is also a leading nation in the international community. I encourage India to continue on this path and achieve great success,” Trichet remarked.
Meanwhile, French economist Jean-Pierre Landau praised the growing partnership between India and France, highlighting India’s crucial role in addressing global challenges. He noted that despite geopolitical tensions and rising protectionism, trade and investment in Asia remain robust.
“We are facing a challenging global environment, but India is one of the leading countries attempting to solve the world’s problems,” Landau said.
Additionally, Chinese economist Zhang Liking described the Indian economy as “quite dynamic and strong.” He expressed his belief that India has become one of the major attractions for global economic growth and anticipates its sustainable development will significantly contribute to the world economy.
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