Answer:

Introduction

Economic values relate to promoting economic growth, enhanced incomes through focus on capitalism. Social values pertain to the moral principles and beliefs of a culture or society, influencing behavior and decision-making.

Body

Need for prioritising economic values over social values:

• Economic growth as a driver of development: Focusing on economic values will help generate wealth, create job opportunities, and improve living standards, as seen in India’s rapid economic growth since the 1990s.
• Infrastructure development: Prioritizing economic values allows for the creation of robust infrastructure systems, such as highways, ports, and airports. As demonstrated by the development of the Delhi-Mumbai Industrial Corridor.
• Poverty alleviation: It will enable poverty reduction through the creation of employment opportunities and income generation. For instance, the success of MGNREGA.
• Entrepreneurship and business growth: It will encourage entrepreneurship and business growth. Indian startups like Flipkart and Ola have revolutionized e-commerce and ride-sharing, respectively, contributing to economic development.
• Sustainable development: It will also help achieve sustainable development by integrating environmental and social considerations. Initiatives like India’s National Solar Mission promote renewable energy adoption while driving economic growth.
• Healthcare advancements: It will drive investments in healthcare infrastructure, research, and development. For example, the success of India’s pharmaceutical industry in making generic drugs.

Ethical issues with prioritising economic values over social values:

• Exploitation of labour: For instance, the prevalence of child labor in certain industries like textiles and construction demonstrates the ethical concerns associated with prioritizing economic gains over social well-being.
• Rising income inequality: Focusing solely on economic progress can exacerbate income inequality, leaving marginalized communities behind, promoting social injustice.
• Environmental degradation: Prioritizing economic gains over ecological well-being disregards the ethical responsibility to protect the environment leading to unregulated industrial pollution and deforestation contributing to air and water pollution.
• Corruption and unethical practices: For instance, prioritizing economic gains over social values can lead to crony capitalism, bribery, embezzlement, and fraud, eroding public trust and hindering sustainable development.
• Cultural erosion: Rapid urbanization and globalization can lead to the erosion of traditional practices, languages, and indigenous knowledge systems, causing significant loss to the country’s cultural fabric.
• Displacement of indigenous communities: Economic development projects such as dams or mines, can lead to forced relocations, violating the rights and cultural heritage of indigenous populations.
• Human rights violations: Prioritizing economic progress alone may marginalize already disadvantaged communities, such as Dalits, tribal communities etc.

Conclusion:

Therefore, it is essential to adopt an ethical framework that ensures a balanced approach, considering social welfare, environmental sustainability, and inclusive growth as integral components of development.