India needs a multidimensional, local-level prosperity index
₹15,000 a month and living in a metro like Delhi or Mumbai is statistically not poor. But he is poor if one were to factor in the number of people his salary has to support, the cost of living in a metro, and the type of healthcare and education his family will be able to access.
This is why it’s time India started measuring prosperity as a proxy for development rather than merely tracking poverty levels. The thinktank Legatum Institute, which has been running a global prosperity index, defines a prosperous society as one where “all people have the opportunity and freedom to thrive." “Prosperity," it argues, “is underpinned by an inclusive society, with a strong social contract that protects the fundamental liberties and security of every individual.
It is driven by an open economy that harnesses ideas and talent to create sustainable pathways out of poverty. And it is built by empowered people, who contribute and play their part in creating a society that promotes wellbeing." Our policymakers need to give up on the ‘poverty mindset’, engendered by decades of looking at ourselves as a poor or developing country, and start looking at how to translate GDP growth into greater well-being of the population.
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