GDP is a misnomer, India should develop own economic model: RSS functionary

A senior RSS functionary on Saturday claimed GDP was a misnomer and that India should develop its own model of development focusing on employment-led growth.

Bajrang Lal Gupta said the Gross Domestic Product (GDP) does not give a correct picture in a country like India, and cannot be the most important parameter for evaluating development.

GDP is the standard measure of the value added created through the production of goods and services in a country during a certain period.

"GDP is a misnomer in the Indian context as it does not include services which are not chargeable, while they are being charged in western countries," he argued.

The RSS functionary was speaking at the convocation ceremony of IILM University which has three campuses in Delhi NCR region.

He suggested an Indian model of economic development "Sumanglam" which emphasises on employment-led growth.

The five features of this model include fulfilling basic requirements of all citizens, employment for all, equal opportunities for education, providing health security and ensuring internal and external security of citizens, Gupta said.

He reiterated that India should develop its own economic model rather than looking at capitalist and communist models.