Underscoring need to overcome the present low-growth phase at the earliest, former Reserve Bank of India Governor C. Rangarajan said on Saturday that the coming decade will be crucial for India in many ways.
The growth of 8 to 9 per cent per annum is required for increasing per capita GDP from the present level of US $ 1,600 to 8,000 by 2030 so as to transit from low income to a middle-income country, Dr. Rangarajan said, inaugurating the 37th annual conference of Association of Economics Teachers of Tamil Nadu.
Making a presentation on reform experience, Dr. Rangarajan dwelt at length on the severe economic crisis in post-Independence India caused by ‘government failure’ and the balance of payments problem that was converted into an opportunity for initiating stabilisation and structural reform for enabling confidence in competition as means to achieving desired ends.
On future reforms, he said introduction of GST will be a step in right direction as it will help to enhance efficiency.
Delivering the key-note address, Bhalchandra Mungekar, former Member, Planning Commission and former Vice-Chancellor of Mumbai University, was supportive of the Central Government’s demonetisation step, but wondered why the government took the good measure in the worst manner.
Anil Kumar Thakur, Honorary General Secretary, The Indian Economics Association, Patna, welcomed the demonetisation measure saying temporary hardships were inevitable in the process of main streaming nearly Rs. 4 lakh crore unaccounted money.
