Liberalisation, privatisation and globalisation give opportunities for development: VP Naidu

Vice President M Venkaiah Naidu on Wednesday said that liberalisation, privatisation and globalisation pose challenges, but also give opportunities for growth and development of the country.

Speaking at an event to mark the 100th anniversary of senior RSS leader and its idealogue Dattopant Thengadi, who pitched for Swadeshi model of economics and founded the Swadeshi Jagaran Manch and other Sangh affiliates.

"We are steadily climbing up the ladder of ease of doing business global rankings. We are witnessing constructive disruptions in the economy. Their adverse impact on the economy will only be transient before economy regains a high growth trajectory," he said.

Naidu coined a new acronym LPG (liberalisation, privatisation and globalisation) and said political parties must understand this, as it may pose challenges but also give opportunities for growth.

He further said in tandem with the global economy, India is changing too.

"New legislative architecture is being created for a transparent, sustainable, efficient, high growth inclusive economy. New startup actors are emerging in our economy. India has the third largest pool of startups," the vice president said.

Describing Thengadi as a "truly inspirational person and a true Karmayogi", Naidu said, "I am fortunate enough to have known him intimately. I hope that the younger generation will draw inspiration from the life & work of this illustrious leader & dedicate themselves to nation building."