Nation’s wealth should be distributed equally to all, says KT Rama Rao

India is in a perennial mode of elections and politicians were always focused on winning the elections than creating wealth for the next generations, he said while addressing at the NHRD ‘Decode The Future- The National Conference’ here on Thursday.

Hyderabad: Stressing on the need to distribute wealth of the nation equally among all sections, Industries Minister KT Rama Rao said politicians need to focus on economics and not on politics.

India is in a perennial mode of elections and politicians were always focused on winning the elections than creating wealth for the next generations, he said while addressing at the NHRD ‘Decode The Future- The National Conference’ here on Thursday.

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India was the most populous country in the world and yet a majority of the wealth of the nation was owned by a few individuals, he pointed out.

“We need to think whether the leadership of our nation is giving us the aspirations of being a 25 trillion economy, besides how the wealth can be distributed equally among all sections,” Rama Rao said.

Prime Minister Narendra Modi says freebie culture is bad for our country, but one should remember the fact that India is still a third world country, he said.

India and China had almost similar GDPs in the 1980s. Now, China was a 18 trillion dollar economy and India was still a three trillion dollar economy, he said. Similarly, Japan, despite its geographical and topographical challenges, was the third largest economy in the world.

“China and Japan excelled because they focused on development and India’s focus was on politics,” he said.

Stating that the biggest challenge for any leadership was not wealth or capital management but people management, he said India’s strength was its young think force.

Unfortunately, the youth were being trained and groomed to be job seekers and not job providers, he said.

Telangana made good use of the natural and human resources and achieved 15 percent CAGR. Telangana’s per capita income in 2014 was Rs.1.24 lakh and increased to Rs.2.75 lakh while the national average was Rs.1.49 lakh, he said.

Hyderabad was the vaccine capital of the world. In the last 8.5 years, Telangana issued nearly 22,000 clearances for Industries through TS-IPASS and generated 21 lakh direct jobs.

“Our State achieved 7.7 percent increase in green cover. Telangana ensured welfare and development and if only the rest of India had worked like Telangana, we could become much bigger than a five trillion dollar economy,” Rama Rao said.