Call to involve rural populace in economic reform process
PURVANCHAL GRAMIN Bank chairman BP Singh inaugurated a two-day national seminar on ‘Indian Rural Market in the Globalised Era: Challenges Ahead’. It was organised at the Deen Dayal Upadhyay University.
Singh stressed the need to focus on realities of rural India. He said 70 per cent of the population, which lived in villages, should be involved in economic reforms. Singh said in terms of per capita income, Indians were among the poorest in the world. They said though Indians constituted 17 per cent of the world population, the fruits of economic development did not reach the rural people. He highlighted the role of rural banking in strengthening the rural economy. RN Agrawal said there were various shortcomings in economic policies, adding that 70 per cent of the budget was allocated for urban areas.
He said in UP only 6 per cent of the total budget was earmarked for the rural areas, while in Gujarat, a large portion of the budget was for rural areas. He said red-tapism and corruption were two major hindrances in percolation of the benefits of economic reforms to rural India. He said the vast rural market offered a great opportunity to entrepreneurs. But, the basic difference between India and other markets should not be overlooked, he said. Rural Indians consumers were economically, socially and psychologically very different from their urban counterparts, he added.