New Delhi, Sep 25 (PTI) It is imperative to keep the sentiments of the nation high in order to have a good economic growth, former Union finance minister Yashwant Sinha said on Saturday.

Participating in a virtual session at the Indian Student Parliament, Sinha also said that a modern economy runs on sentiments as sentiments govern consumption and determine demands

Also Read | CoWin Vaccination Certificates to Have Full Date of Birth for International Travellers, Says NHA CEO Dr RS Sharma.

"It is not unusual for the economy to rise or fall. In a globally entwined economy, we cannot divorce ourselves from the global factors. We need to keep non-economic extraneous factors in the record as well," he said.

"The modern economy also runs on sentiments as sentiments govern consumption and determine demands. So, if society's sentiments are down, consumption decreases which affects the economy negatively," Sinha, who is the vice president of All India Trinamool Congress (AITC), said.

Also Read | Jammu and Kashmir: Man Allegedly Kills Minor Brother-In-Law in Poonch, Arrested.

He noted that sentiments of people and economy go "hand in hand".

CEO and MD of the Bombay Stock Exchange Ashish Kumar Chauhan and BJD MLA Souvic Biswal were also present.

"Any country or society becomes prosperous or developed by creating new technology and not by sticking to old thought processes. We can only be world leaders by being materially successful and not by spiritual success. This fast-moving wave of technology will take us towards further development," said Chauhan.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)