GITAM varsity honours economist

GITAM varsity honours economist

On the 33rd Foundation Day of GITAM University on Friday, the varsity honoured renowned economist and Sanskrit scholar Dr V R Panchamukhi with...

Dr V R Panchamukhi stresses nation needs to revisit priorities

Visakhapatnam: On the 33rd Foundation Day of GITAM University on Friday, the varsity honoured renowned economist and Sanskrit scholar Dr V R Panchamukhi with ‘GITAM Foundation Annual Award.’ Its president M V V S Murthy presented the award to him in the presence of GITAM Chancellor Prof K Ramakrishana Rao and Vice-Chancellor Prof G Subrahmanyam.

Delivering the GITAM Foundation Endowment Lecture on ‘Development and Management: Need for a Holistic Approach,’ Dr Panchamukhi, who served as Economic Advisor in the Union Ministry of Finance, suggested that the present obsession with ‘Growth Alone Strategy’ should be discarded and the goals of full employment and equity should be explicitly included in the choice of strategies of resource allocation. He commented that the inflow of private speculative capital and lack of increase in productive foreign investment capital had raised doubts on the positive impacts of indiscriminate expansion of foreign capital into India.

He observed that the Central government was not keeping the country’s interests in mind, while pursuing liberalisation and globalization reforms. Even the developed countries which are vocal in advocating globalization have themselves evolved suitable non-tariff barriers and protectionist policies to serve their national interests.

He mentioned that the recent phenomenon of increasing current account deficit and the falling rupee have been the cumulative effect of all the past policies. He stressed the need to “make our own private investors bring in required technology and infrastructure to ensure better return to farmers and small manufacturers.” He suggested that the present growth-centric paradigm of development should be replaced by holistic paradigm of development in which along with growth, social aspects of development, employment, equity and values of life.

Vice-Chancellor Prof G Subrahmanyam said that the University was focusing on establishing technology parks and technology incubation centers for fostering technology transfer and the creation and nurturing of knowledge based small enterprises. He said that the technology centre at the university would share best practices, benchmarking, document preparation, consultation activities. The university was also focusing on raising funds through consultancy and patents. Pro Vice-Chancellor D Harinaryana, Registrar M Potharaju and others participated in the programme. The University also presented the best teacher and the best supporting staff awards during the celebrations.

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