Mumbai, Nov 19 (UNI) India will need to adopt a pattern of inclusive growth in order to sustain its development, Professor Lord Nicholas Stern, IG Patel chair of Economics and Government at the London School of Economics and Political Science (LSE), said today.
Speaking at the ''Growth&Inclusion: India&Changing world Economy'' conference, organized by the Confederation of Indian Industries here, Prof Stern said that inclusive growth was a two way relation between inclusion and growth and suggested that a robust education system was key element for India to achieving the goal.
''At a micro level, India's growth process has been a process of increase in savings rate and increase in efficiency of capital.
In order to sustain growth, household savings rate and the efficiency of capital level need to be encouraged and maintained, Prof Stern, who is also the Director of School's India Observatory, said.
On the macro level, he focussed on the role free trade played in growth and the need to eliminate trade barriers among countries. He also stressed on the need for a small group of high quality group to monitor the economic stability and health of the country.
Prof Stern also spoke on the impact of climate change on world economy and ecological system, especially in coastal areas. He observed that both developed and developing countries needed to reduce carbon emissions both at the national and local levels.
UNI ZC RN NP1623