RSS chief’s dig at govt’s policies: India can never be a cashless economy

Mohan BhagwatMohan Bhagwat, chief, Rashtriya Swayamsevak Sangh (RSS) on Monday expressed reservations over the government’s idea of creating a cashless economy.Speaking at an organized by BSE (formerly Bombay Stock Exchange), Bhagwat said no matter how much evolution happens at the technology level, India can never become a fully cashless economy. Bhagwat addressed a 500-member gathering comprising of stock market participants, brokers and fund managers.“Creating a cashless economy is a thought with good intentions but there are certain limitations with the idea. Hence, such ideas may not yield benefits as anticipated. India can always become more cashless but not completely cashless,” Bhagwat said.Bhagwat also called for more protectionist measures in the Indian aviation sector to limit foreign participation. He took examples of countries like Germany, which protect foreign participation in the airline industry.Commenting on Air India, he said it is unfair to call the airline debt-ridden since it has a lot of tangible and intangible assets.Speaking on the long-term perspective of the Indian economy, Bhagwat said policymakers should look beyond the regular ideologies like socialism or capitalism and also beyond economic indicators such as gross domestic product (GDP) growth and fiscal deficit.“For the last few decades, we have been measuring our growth based on western models. These methodologies have serious flaws. India should put together its own methodology for development, which should be based on the idea of empowerment for all,” Bhagwat added.Niti Aayog vice-chairman Rajiv Kumar, who was also present at the event, echoed similar view about economic development. In his speech, Kumar said our growth would be meaningless if it is not inclusive. Brushing aside the concerns about the Indian economy, Kumar said India is currently on the cusp of a high-growth trajectory.Bhagwat and Kumar were speaking at the launch of a book ‘Indian Economy and Economic Policies: A long-term perspective’ published by Vivek Samuh, an RSS-affiliated organisation.Market participants who attended the event sounded positive on Bhagwat’s remarks.“Idea of development is making the lives of people better and more prosperous. In order to achieve it, we should be open to exploring all kinds of ideas,” said Motilal Oswal, managing director, Motilal Oswal Financial Services.
Source: Business Standard