NGOs, SHGs can play a major role in economic prosperity: Stiglitz

Nobel Laureate economist Joseph Stiglitz has stressed on the need for a holistic approach to sustainable development and removing the inequalities and disparities that have been on the rise in different parts of the world. The Columbia University Professor, in his interaction with Lord Meghnad Desai in Guwahati last night, pointed out that governments would have to play a more proactive role in shaping the economic policies that are more tuned to the hopes and aspirations of the people. “Economic reforms have to address the key issues affecting people and have to bring about qualitative changes in their economic conditions,” he pointed out. Stiglitz stressed on the need for harnessing natural and human resources in a proper way for the benefit of the people and restructuring the economy through a slew of reforms aimed at bringing about changes in the living conditions of the common man. [caption id=“attachment_178813” align=“alignleft” width=“380” caption=“Joseph Stiglitz. Reuters”]  [/caption] Stiglitz said the driving force behind the success of any economy is the participation of people in a big way and civil society. NGOs and SHGs in the development process can catapult any state or nation toward the path of economic prosperity, he said. Highlighting the economic emergence of Asian giants China and India in the global economy, Stiglitz said to ensure continued momentum, more emphasis should be given to investment in human capital, infrastructure development and capital knowledge coupled with high savings. “The gap in per capita income between the Asian countries and the West has to be narrowed down considerably,” he added. Stiglitz said the International Monetary Fund would have to play a proactive role like the World Bank on reducing poverty and inequalities that can cause economic and political upheaval. Referring to Assam, the Nobel Laureate said the state can make remarkable progress if it makes use of its huge natural resources in a proper way. “Assam is India’s window to South-East Asia and the state should focus on eco-tourism, organic farming and organic tea plantation in a big way,” he said. The interaction was organised by the Youth Forum on Foreign Policy founded by Gaurav Gogoi, son of Assam Chief Minister Tarun Gogoi. PTI