Kamal Nath at Davos: GDP a fancy figure, growth must translate to well-being

Davos: Madhya Pradesh Chief Minister Kamal Nath on Wednesday referred to GDP as a “fancy figure” and said that economic growth must translate into well being of people on the ground.
“GDP is a fancy figure and at times it can be misleading as one needs to see where all a 7.5 per cent growth figure translates into,” Kamal Nath said. He was referring to the latest IMF forecast for the Indian economy.
At a session on the emerging market outlook at the World Economic Forum’s annual meeting in Davos, Switzerland, Kamal Nath strongly defended his government’s farm loan waiver decision.
He said it was very necessary as agriculture was a backbone of the Indian economy and he had to take into account the distress the farmers were in.
He said the waiver amounts to USD 8 billion, but what it amounts to is taking over the loans of scheduled banks that had gone bad and the lenders have taken a haircut in the process.
Anyway, an NPA would have hit the balance sheet of the banks and the decision was in their interest also, Kamal Nath said.
Kamal Nath also spoke exclusively to TV Today at the Davos summit and said that the BJP was trying to poach MLAs in Madhya Pradesh.
“At least, five Congress MLAs have said the BJP leaders approached them. They are trying [to poach Congress MLAs] with all kind of allurements,” he said on the sidelines of the summit.
“They have been trying it, and we have tested it at the time of speaker and deputy speaker’s elections where they were far behind,” Kamal Nath said.
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