The government’s claims over long-term gains at the cost of short-term loss is factually wrong (“Tough decisions for public good”, September 10). Conflict exists among scholars regarding the exact criteria for differentiating long-term and short-term periods. Decline in growth for the last six quarters shows that during the allowed average governing period of five years — or 20 quarters — about a third ended in failure in terms of economic growth. Normally, the growth rates during the remaining period would be a function of previous ones. What is an ‘adequate’ rate of economic growth? To Dudley Seers, a British economist who specialised in development economics, this depended on how fast the population was growing and how rapidly aspirations were rising. The first (population growth) is easily identifiable and quantitatively measurable whereas the second (the acceleration in rising aspirations) is hardly comprehensible. It seems that in India, some of the decisions related with economic development are in tune with these aspirations. Irrational farm loan waivers are an example.
Hareesh Kumar A.G.,
Thrissur