Discussion on economy good for democracy: Venkaiah Naidu

New Delhi, Oct 7 (IANS) Vice President M. Venkaiah Naidu said on Friday that the ongoing discussion on management of economy was good for democracy and noted that there will be some initial hiccups in the process of any transformation.

Naidu, who inaugurated the International Conference on Technological Advancements in Railway and Metro Projects 2017, said that steps towards economic transformation will have many beneficial effects in the future.

"The discussion which is going on our economy is always good for our democracy. But at the same time, we need to understand the experience. If some transformation or any reformation is going on, there will be some initial hiccups.

"But at the end of the day, it will help. A revolutionary reformation is taking place in the country. In future there will be a very happy situation with such a massive transformation taking place," he said.

He also said that urbanisation was taking place at a rapid pace in the country and the need for efficient and cost-effective transport was critical.

The Vice President said that new concepts such as "Transit Oriented Development" should be promoted which will improve the lives of people living around the metro stations in a big way.

Noting that the Indian Railways is estimated to be the third largest railway system in the world in the next five years accounting for 10 per cent of the global market, Naidu called upon it to plan expansion very meticulously taking into account innovative practices available across the globe.

Naidu expressed happiness that inventor of Maglev, also called magnetic levitation train, was at the event, saying the technology will help improve safety and security and enhance the quality of travel.