India has the capacity to grow irrespective of who is in power at the center, Madhya Pradesh Chief Minister Kamal Nath said on Wednesday. He was addressing a gathering at WEF Annual Meeting when he further added that India is heading to become worldâ€™s second largest economy but that is happening because of lot many factors like â€œ”India grows irrespective of the government policies and is driven by its tremendously aspirational young generation,”
He stated that the young generation of India has a lot of potential and they are working to boost the economy of India everyday but India still faces a huge problem in the shape of unemployment. Quoting an Oxfam survey on inequality, he was of the opinion that the income disparity of India is huge and it needs to be culminated at all costs.
According to the Oxfam study, in the year 2018, the top one per cent of the country’s richest got richer by 39 per cent as against just 3 per cent increase in wealth for the bottom-half of the population.
Oxfam further said, 13.6 crore Indians, who make up the poorest 10 per cent of the country, continue to remain in debt since 2004.
Hong Kong SAR Government CEO Carrie Lam called for an inclusive economic growth where no one is left behind in the race. She said that Hong Kong spends 60% of its GDP on social services and other emerging economies must follow suit.