9:00am to 06:30pm


+91 11 29945946


Islamic economic principles could provide answers to some of the serious challenges of modern economy: Prof. Vyas

Call for ‘ethical orientation' to planning process

Date:07/12/2010 Special Correspondent

JAIPUR: Noted economist and Prime Minister's Economic Advisory Council member V. S. Vyas on Monday called for giving an “ethical orientation” to the planning process by adopting moral principles common to all religions to ensure equitable growth and address distortions of the modern economic system.

Addressing a dialogue on “Ethical issues in planning and development” at Yojana Bhavan here, Prof. Vyas said Islamic economic principles could provide answers to some of the serious challenges of modern economy advocating limitless production and consumption which “invariably leads to poverty, deprivation and exploitation”.

“Among all religions, Islam has the most egalitarian system of equitable distribution of wealth to benefit the poor and the needy through Zakat and Sadaqat,” said Prof. Vyas, adding that this financial arrangement needed to be further explored to find out the scope for its adoption in the mainstream economy.

Prof. Vyas' remarks came as a pleasant surprise to the advocates of Islamic economy and banking who have been requesting the Union Government for a long time to introduce the system on an experimental basis for those unwilling to subscribe to the interest-based economy which is perceived as promoting usury and exploitation.

Zakat, which is one of the five pillars of Islam, comprises alms giving of 2.5 per cent of one's possession every year as a welfare contribution to poor and deprived Muslims. Its payment is mandatory on four categories of items – farm produce, livestock, trade and commerce merchandise, and gold and silver. Sadaqat are voluntary charities over and above Zakat.

Prof. Vyas, who is also Deputy Chairperson of the Rajasthan Planning Board, said the ethics should be implemented at the macro level, going beyond individuals, to help the development paradigm include all marginalised groups of society: “We need to ensure that the [growth in] gross domestic product is actually reflected in the country's development.”

Alternative model

Policy planners, academicians, economists and experts attending the dialogue also examined the feasibility of “relative economics” propounded by the late Jain Terapanth scholar Acharya Mahapragya as an alternative model for providing a humane face to development. The model envisages sustainable development through equitable distribution of resources.

Jain Vishwa Bharati University Vice-Chancellor Samani Charitra Prajna said the “greed in various forms” was the main cause for deviation from ethical norms and the humanity could not progress without morality and moderation. These values should be taught to youngsters as early as possible in their lives for changing their hearts and minds, she added.

The Planning Board's head for the working group on education, Ashok Bapna, said the practices of non-possession and limited possession laid down in Jainism could help define the level of consumption rampant in the modern society and control the culture of wantonness. He said the social fabric could be remodelled by bringing in ethics as an essential component of development.

Anuvibha president S. L. Gandhi said the incorporation of righteousness in economic system would equip it to address the challenges of widening gap between the rich and the poor, absence of social security for the underprivileged sections, environmental degradation and depletion of life-sustaining resources in the world.

While economic analyst L. N. Nathuramka affirmed that ethical values around the world were shrinking because of corruption and terrorism, social economist R. L. Bajpai said the policy planners should first deal with regional disparities in the country while translating ethical concepts into practice.

Among others, Planning Board member Raj Singh Nirvan, Pratham Rajasthan chief trustee Kulbhushan Kothari, educationist Ved Prakash and senior civil servant Rajendra Bhanawat also took part in the dialogue. It was pointed out that various institutions attached to Acharya Mahapragya's Anuvrat Movement had been organising a series of events on relative economics during the past five years.

The International Centre for Economics, Non-Violence and Sustainability and Jaipur-based IILM Academy of Higher Learning extended support to the Planning Board in organising the half-day event.

© Copyright 2000 - 2009 The

Posted Date : 13 December 2010

News Updates


    India is on track to overtake the UK to become the world’s fifth-largest economy in 2018, according to data and forecasts from the IMF. Soon it will trail only Germany and the ‘big three’ – the US, China and Japan. However, the Indian banking system is gasping for breath with...

    Read More
  • Islamic Development Bank seeks tie-ups for infrastructure investments

    Islamic Development Bank exploring joint opportunities with other multilateral development banks to invest in India’s infrastructure sector Tue, Jun 26 2018 Utpal Bhaskar Mumbai: Islamic Development Bank Group, one of the largest lenders to Muslim countries, is interested in exploring joint...

    Read More

          Trying to bring Islamic banking to India   Though Muslims are a minority in India and are generally less affluent than Hindus, in sheer numbers they make India the second largest Muslim nation in the world. Cumulatively, their investment power is tremendous and rep...

    Read More

      Criminal for our education sector to ignore it any longer Dr Mehboob Makhdoomi Srinagar | Posted : Jun 3 2018 The International Monetary Fund (IMF) has finally incorporated Islamic Finance into its financial sector assessments beginning January 1, 2019, calling Islamic Finance ...

    Read More
  • Islamic Finance Muslims in India develop mutual health insurance scheme as alternative to takaful

    Islamic finance pioneers and like-minded community leaders in India have come together to introduce an alternative product to formal takaful, which doesn’t exist in the country. A not-for-profit health assurance scheme, called Uplift Mutuals Biradaree, started in April this year at two of M...

    Read More

    By HABEEB RAHMAN CP The International Zakat Conference, organised by Baithuzzakath Kerala, concludes in Cochin with the new hope for the effective zakat management in the country. More than 250 high-profile delegates from various parts of the country and other nations participated in the conference...

    Read More

    Dr. Rahmatullah Abdul Ahad dwells upon how Zakat can be a source of social upliftment and economic empowerment. Poverty, which indicates the absence of material means, is rampant in all the states of India irrespective of caste and clan wise composition of the society. The consequence is sufferings...

    Read More