Should India Lend to GDH the Same Weight as to GDP?

Abstract

Growth for growth's sake goes against the grain of sustainable economics. It is not maintainable on the basis of full-cost pricing. The billing should include health and environmental costs, including charges for the exhaustion of natural resources, egregious disparities in wealth distribution, and increases in mental and physical sickness. Today’s material growth model transmutes many economic endeavors into preying on current and future generations. Unwittingly, the single-minded pursuit of growth without a global perspective has been resulting in loss of life and property, besides undermining prospects of life’s basics for upcoming generations. This is myopic, ignoring catastrophes hitting home. In this dystopian scenario, it is judicious to shift attention to non- economic vistas such as well-being. This is doable, at least after the basics of life, including education and health care, have been reached to the poor. A holistic growth atlas can then be mapped within the peripheries of sustainable growth. Such mapping would be in qualitative terms as well, factoring in local beliefs, besides in quantitative terms. Policymakers could then hold back jockeying for GDP growth and adopt a serviceable tactic policy to Gross National Happiness.