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Karnataka
By Our Staff Correspondent
Prof. Hegde said that the economic growth rate of the country stood at 4.5 per cent even after five decades of Independence, though the target was set at eight per cent. Infrastructure should include human resource management. The fact that India had the second largest population could not be brushed away. This resource should be put to productive use. The West had a vested interest in keeping the Third World countries backward. But it had no qualms in supplying weapons to these countries. The CATO Institute in the U.S. had brought out a book, "Perpetuating Poverty'', which threw light on the vested interests of the West in keeping the Third World countries poor. It was necessary for India, China and Russia to form an axis. Such an axis could beat any country in the world. While China and Russia were ready for such an axis, India was not willing to join them as the children of many in the political class were in the U.S., he claimed. A huge amount of money was being spent on Defence. If only this amount was spent for development, it would change the face of the country. The President, A.P.J.Abdul Kalam, had a dream to make the country a "developed one" in the next two decades. There was no reason to be perturbed about the "brain drain'' from the country. The people who went and settled abroad sent back valuable foreign exchange to the country. It was a sad travesty that only two per cent of the people in the country paid income tax. But the entire income tax collected in a year was not able to meet even one-third of the cost of maintenance of the Income Tax Department. The politicians should think of the future generations. "Communism and capitalism should be replaced by humanism,'' Prof. Hegde said. Delivering the keynote address, Nand Dhameja, Professor, Management Development Institute, Gurgaon, said that infrastructure was essential for economic development.
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