Noted economist and Prime Minister’s Economic Advisory Council member V.S. Vyas on December 6 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 in Jaipur, 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.