- India should deepen its democracy and strive to create a new model of “democratic capitalism”
- While India should focus on pushing reforms, the government should remember that growth is critical
- Technology can be used to enhance talent development, financial inclusion, transparency and good governance
Mumbai, India, 14 November 2011 – As India strives to achieve the vision of sustainable and equitable growth, it must deepen its democracy, Arun Maira, a member of India’s Planning Commission, the Cabinet-level agency that drafts the country’s Five-Year Plans, told participants in the closing session of the World Economic Forum’s India Economic Summit 2011. “We must have much faster inclusion along with growth,” Maira said. “We celebrate India as a democracy. What Indians are saying is that we want to participate in the decisions that affect our lives. We want to have a more democratic market and democratic capitalism – business by the people, of the people and for the people.” Noting the demonstrations around the world against what protesters regard as the unfairness of capitalism, Maira concluded: “India needs much more democratic capitalism. India could be an emerging model of what can be done.”
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