Curtains were drawn on the centenary conference of the Indian Economic Association on the campus of Acharya Nagarjuna University on Saturday.
The conference witnessed a host of eminent economists from all over the world express their views on a diverse range of topics encompassing the overarching theme, ‘India’s development experience’. The sub themes of ‘Pace of growth’, ‘Stability of growth and distribution’ were deliberated by the economists.
More than 700 papers were presented and over 50 panellists deliberated on various topics.
President Ram Nath Kovind, who inaugurated the conference on December 27, said issues faced by the backward sections in spheres relating to food, security, and housing needed to be addressed if the country wanted to achieve real growth.
Summing up the findings of the conference, former RBI Governor and conference president C. Rangarajan said equality and efficiency were the wheels of growth.
“Inclusive development, reforms, and clean environment result in sustainable growth,” Dr. Rangarajan said. The pace of growth had nearly doubled when compared to that of 80s and the country was looking at an average growth rate of 6-8%. The factors that enabled growth were investment and productivity.
While the investment ratio was 38%, the intermittent capital growth was just 4.1%, indicating a distinct pattern of growth rate, he said.
The production increment output ratio depended on factors such as price stability and maintaining current account deficit.
“The higher growth years during 2005-2008 also witnessed introduction of schemes like NREGS. If the rate of growth is high, it helps the country to achieve sustainability. South Korea is one good example. While growth is not a necessary condition, accelerated economic growth and inclusive development would help the country,” said Dr. Rangarajan.
Stress on manufacturing
Chancellor of Gujarat University Yoginder K. Alagh said manufacturing was the engine of growth and sought for maximising labour production.
He expressed concern over the 2% growth rate in manufacturing as against 7.1% value added growth, and urged the government to give priority to core manufacturing.
IEA president Sukhdev Thorat thanked Chief Minister N. Chandrababu Naidu for hosting the conference and extending all support.
