‘Developmental issues of the Indian economy’
Dr C Rangarajan noted economist, former governor of the Reserve Bank of India (RBI) and the erstwhile state of Andhra Pradesh gave a lecture on...
Hyderabad: Dr C Rangarajan noted economist, former governor of the Reserve Bank of India (RBI) and the erstwhile state of Andhra Pradesh gave a lecture on ‘Developmental Issues of the Indian Economy’ at the University of Hyderabad (UoH) on Thursday.
Dr Rangarajan observed that with ever increasing relevance of economics to deal with issues in many other dimensions that were not considered part of the discipline traditionally; it becomes extremely important to update and upgrade basic understanding of the principle of economics for the society. Recent time has also witnessed development of specialised disciplines in the domain of economics to deal with variety of matters in various areas.
Dr Rangarajan mentioned that the issues are not merely micromanagement issues but have a lot to do with our policies and the level of their facilitative vote for the economic growth. He emphasised that issue of environmental depletion is extremely important but there must also be rational understanding of our willingness to see such issues in light of the need for required economic growth for socio-economic growth in the country.
He told that price stability, low current account deficit and fiscal stability are crucial for sustained economic growth. He told that monetary and fiscal policies also have a role to play even if the inflation is caused by food inflation. In recent years, the food inflation has been triggered by other sub-group of food such as vegetable, meat and milk also and not only the food grain. Given the recent impact of food inflation on our economic orientation, we must be able to give due emphasis to a sustained growth in the agriculture sector.
He mentioned that extraordinary level of import of gold in India has also contributed to undesirable economic management. Apart from great affection for the yellow metal due to cultural reasons in recent years it’s also being used as a hedge resource. Some policy intervention in this direction has helped in certain way.
Students and staff attended the lecture. The programme was also attended by 23 teachers from AP, Telangana, Maharashtra and Karnataka.