Venkaiah Naidu: Wealth creation as important as its distribution

Emphasising that development has no meaning unless it covers all sections of the society, Union Minister M Venkaiah Naidu today said creation of wealth is as important as its distribution.

"In the past, we would always talk about distribution of wealth but to do that one needs to create wealth first. If you do not do that you become insolvent. That is what has happened to many states and governments across the globe," he said.

"Unless we create more wealth, we can only distribute poverty. We have to focus on creating wealth and for that reforms are the need of the hour," the Union Urban Development Minister said at the 3rd National Leadership Conclave of the All India Management Association (AIMA) here.

He claimed that in 10 years, China, India, Japan, South Korea and Indonesia are likely to be Asia's largest economies.

"Ten years from now, India is likely to overtake Japan. The real competition will be between India and China. Both these nations used to dogmatically believe in distribution of wealth, but now the focus has shifted to generation of wealth," Naidu said.

Asserting that the Modi Government is committed to its development agenda, he said, "It (development) has no meaning unless it covers all. That is why we are focusing on inclusive development."

The mandate of Uttar Pradesh is "very significant" as it has come against the backdrop of demonetisation and it shows hunger among people for development Naidu said.

The demonetisation move faced lot of opposition from economists as well as political parties. Despite that, people supported it overwhelmingly, the Union minister said, adding, "That is why the mandate of Uttar Pradesh is very significant. Now there is a new hunger for development. People want development and progress."

Naidu said the Opposition should also understand that once the mandate is given, they must go for "constructive" politics and not obstructive one.

"It is happy news that Parliament is functioning, because in Parliamentary democracy people should have an opportunity to criticise others, to find fault with others. That is democracy. Criticising the government is different from obstructing Parliament," he said.