Bill Clinton says ‘too many inequalities constrain growth’

Former US president Bill Clinton on Wednesday highlighted the need to move towards “shared prosperity” in order to improve the living standards of people and reap the benefits of economic development.

Written by ENS Economic Bureau | Mumbai | Published: April 11, 2013 1:07 am

Former US president Bill Clinton on Wednesday highlighted the need to move towards “shared prosperity” in order to improve the living standards of people and reap the benefits of economic development.

Addressing top industry captains and policy makers in Mumbai at a meeting hosted by the Kotak Mahindra group,Clinton said,“We can live in a better world only by ensuring that the benefits and opportunities of our global economy are more evenly distributed. India has the world’s largest middle class. But India also has the world’s largest poor class. There are too many inequalities in the world now. These are actually constraints to growth.”

Touching on the issue of global warming and energy efficiency,Clinton said,“The way we produce energy is not sustainable. We have to fix this problem.” Maintaining that energy availability is not an enduring process,he asked for reduction in carbon emission and more focus on renewable energy.

Clinton also highlighted the role palyed by Indian companies in making drugs cheaper and his campaign against AIDS,malaria and TB.

Praising India’s democracy,Clinton said,“India has done a good job in preserving democracy in the 21st century.” He said co-operation is a better model for countries to attain economic prosperity and bring down unemployment. On the US economy,he said,“We should try and bring manufacturing back in the America.”

When Kotak Mahindra chief Uday Kotak asked if they could see Clinton back in the White House,the former US President said,“We are not as young as we were. If she (Hillary) is going to make it,I would be happy about it.”

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