Jaipur: Expressing concern over the widening economic gap in society due to unbalanced growth, BJP leader Murli Manohar Joshi on Saturday asserted it is time the policymakers should rethink upon the globalisation-based development model.
Speaking at a programme in the press club here, Joshi pitched for a serious review of the economic policies being implemented and noted that over the years, the current model has led to "exclusive" growth of limited people instead of inclusive development.
"Reconsidering on the process of globalisation is necessary today. Western countries have started doing so. There should be a comprehensive debate to form a common opinion on that. Results of globalisation are not encouraging, and have led to resentment among people in the last 20 years," Joshi said.
Noting that GDP should not be the only parameter of development, Joshi said the policies adopted over the last 20 years have resulted in economic imbalance, forcing even the Western economies to review their policies.
Joshi said different governments in the post-globalisation era tried to implement several policies based on open-market principle, but the results never matched the expectations.
"It is not about one particular party, government or person. The policies were introduced with common opinion but now the time has come when we should think again about the process of globalisation," he said.
He also advocated for taking experts from different walks of life, including scholars and intellectuals, on board while having a broad-based discussion over the issue.
"It should be done not only by parliamentarians, but also by scholars and intellectuals. The country needs a strong and appropriate economic model for an improved situation," he said.
On FDI, Joshi said there should be a debate to see which are the sectors that can be opened up for foreign investment, and which sectors should be kept outside its ambit.
The issue of FDI in retail, however, calls for calls for "urgent discussions" on large scale, he asserted.
"Its results in other countries have been adverse. If this is not understood, FDI in retail would create crisis for farmers, small scale retailers in our country," he said.