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Inflation, poverty may hit growth: Nobel laureate YT Lee
Inflation, poverty may hit growth: Nobel laureate YT Lee, Dr M Channa Reddy Memorial LectureInflation, poverty may hit growth: Nobel laureate YT Lee, Dr M Channa Reddy Memorial Lecture. He said that the average income of two-thirds of Indians was less than two US dollars a day. Going by the progress.
Hyderabad: “High rate of inflation, unbridled poverty, increasing population and shortage of resources are likely to block India’s growth in the years to come,” Nobel Laureate Dr Yuan T Lee warned.
Delivering the Dr M Channa Reddy Memorial Lecture on ‘Transformation for Sustainable Future’ here on Thursday, he felt that if those issues were not addressed properly India might have to be in for troubled times. “It needs to chart out its action for sustainability of development,” he suggested.
“India’s population has been on the rise and it now consists of 17 per cent of world’s total population. The population control measures should be vigorously initiated and implemented to ensure resources reached all its citizens,” Lee observed.
He said that the average income of two-thirds of Indians was less than two US dollars a day. Going by the progress, it was making in different spheres, this was rather less. On the other hand, the high inflationary trend had brought immense hardship to average consumers. This was not sustainable.
Nobel Laureate, however, had a piece of admiration for India. Making a comparison between the two largest democracies i.e. US and India, he stated, “Even though the US is a developed country, it has one thing to learn from India i.e. the quality of repairing and recycling of things. This is India’s specialty for sustainable future.”
An average US citizen consumes 10,000 watts of power against 100 watts that is more than sufficient, he added.
The recycling is necessary which can reduce pollution and also save energy.
“Massive industrialisation and globalisation have altered the world scenario. Exploitation of natural resources has caused enormous harm to nature and as a result to the humans. The huge dip in temperatures across the globe is a cause to worry. Given the present rate of release of CFCs (Chlorofluorocarbons) that are responsible for global warming), the temperatures would increase by 1.5-2 degrees in the next 60 years,” he said.
Stating that the total consumption of all humans is 1.5 times more than the available resources, the Nobel Laureate suggested simple living alone can sustain the next generations. Governor of Tamil Nadu K Rosiah and Vice Chairman National Disaster Management Authority (NDMA) M Shashidhar Reddy were among those present.
