Daily Current Affairs Update: 27 FEB 2023

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Congress’ resolution proposes new economic performance metric

Ahead of the 2024 Lok Sabha poll, the draft economic resolution, to be adopted in the plenary, promised that the party will “herald a new beginning, just as we did in 1991, involving all sections of people in nation-building.”


 

The Congress on Saturday during the second day of the 85th plenary session, pitched its draft resolution “A New Economic Vision for India” with a new economic performance metric that correlates to India’s living standard and economic mobility, doing away from gauging economic progress through the gross domestic product (GDP).
 

Titled “A New Economic Vision for India”, the draft resolution says, “We need a new economic performance metric that correlates directly to the median Indian’s living standards, economic mobility, and hopes for a better future. We need a holistic set of measures that capture the median Indian’s current and expected prosperity. Our new economic vision and action will be recrafted from the current excessive focus on capital and move more towards labour. Every decision will be evaluated with what it brings to people in terms of jobs, incomes, healthy living standards, and livelihoods.”


 

“Labour intensity should be the primary benchmark for evaluating all policy options, not mere production,” the resolution reads.
 

It adds that tax policy should be reoriented towards employment and wages, rather than investment and profits.


 

“Trade is critical for us as a labour-surplus nation. All in all, India’s economic vision needs a fundamental shift with the labour market as the foundation for development. With this new economic vision, we aim to build a fair, just, and equal economy and bring opportunity and prosperity to all sections of the people,” reads the document.


 

Ahead of the 2024 Lok Sabha poll, the draft economic resolution, to be adopted in the plenary, promised that the party will “herald a new beginning, just as we did in 1991, involving all sections of people in nation-building.”
 

“All in all, India’s economic vision needs a fundamental shift with the labour market as the foundation for development. With this new economic vision, we aim to build a fair, just, and equal economy and bring opportunity and prosperity to all sections of the people,” the resolution reads.


 

The steering committee of the plenary, comprising all Congress Working Committee (CWC) members met Friday in Chhattisgarh capital Raipur to discuss the all-important issues ahead of the 2024 Lok Sabha elections.

Hindustan Times

( National )

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