The famous ‘Gujarat Model’ development has been a topic for debate ever since the term was coined in the second half of last decade. While economist Jagdish Bhagwati strongly endorsed the model, Nobel laureate Amartya Sen strongly criticised it and pointed out its basic flaws and has strongly articulated a model which pushes inclusive growth.
Historically, as a state, which was more into trade and commerce because of its geography and arid climate, Gujarat had better growth rate compared to other states, except for a brief period of four years from 1998.
Towards the end of this period, Mr Modi took over as the CM of the state and within two years came the first Vibrant Gujarat Summit.
As per the latest reports, in all the eight editions put together, the Gujarat government has declared that it has signed 51,378 memorandums of understanding (MOU) since the first summit in 2003, worth a whopping Rs84 lakh crore. The government in initial years used to publish the data, but of late no such efforts are made and mere statements are given.
It will be apt to remember, the GDP of India currently stands at nearly Rs170 lakh crore. The...