Yet, because it [life] cannot be valued, we ignore what we have achieved. Life expectancy in India is estimated to have gone up from 31 years in 1947 to 64 years in 2005. The death rate, which used to be around 45 per thousand, is down to just about 8 per thousand. Hundreds of millions who would have died in earlier times are alive.

You might think that is cause for celebration, but we saw no sign of it on Independence Day. Indeed, many people still talk gloomily about the population explosion, and come close to implying that India would be better off had millions more died.

Statisticians who measure GDP and poverty are silent about the rise in life expectancy. They are interested only in what can be measured and valued in rupees. An increase in years of life cannot be converted into rupees. And so the most precious thing of all is ignored.

Indeed, our measurement of GDP and poverty looks absurd when we consider matters of life and death. If a young couple has two children, per capita income is halved. That shows up statistically as an economic disaster that possibly pushes the couple below the poverty line. Yet, the couple will feel doubly blessed by their two children, not impoverished at all.

If on the other hand, the couple owns a cow that gives birth to a calf, statisticians will record that as a jump in their income. Our conventional way of measuring GDP per head regards the birth of a calf as a blessing, but the birth of a child as a tragedy. Further, the death of a calf is a tragedy (since it reduces measured wealth) but the death of a child is a boon (since it raises income per capita). How farcical!

That is Swaminathan Aiyar in yesterday’s Swaminomics. As long as his suggestions are not operationalised, I share the sentiment.