India is a fast growing Economy. Has the economic growth benefiting the poor? I doubt: Vinay Hegde

India is a fast growing Economy. Has the economic growth benefiting the poor? I doubt: Vinay Hegde

Mangalore Today News Network

Mangalore, April 14: "We have achieved giant economic growth in all sectors as per the Economic Survey-2010. No doubt, India is a fast growing Economy. Has this economic growth benefiting the poor people of this country? I doubt, commented Vinaya Hegde, Chancellor,  Nitte University.  He was speaking at a workshop on ‘Indian Economy and Economic Sutvey2010’ held at the Millennium Hall, Corporation Bank, Head Office, Mangalore on Wednesday, Aprill 14. “65 per cent of the country depends on agriculture and this sector is going in a downward trend. Can these people be part of the economic growth” Mr. Hegde asked. The workshop was jointly organized by Justice K.S.Hegde Institute of Management, Nitte and Corporation Bank.

 

 

 

 

 

 

 

Mr. Vinaya Hegde called upon the need to focus on basic issues concerning the deprived classes of the society. It is imperative that the deprived classes should be brought within the gamut of Inclusive growth, He said.

 

 

Dr. Kaushik Basu, Chief Economic Adviser, Ministry of Finance, Government of India, while addressing the participants in the workshop said that “Indian economy made remarkable recovery from the great recession faster than any country in the world”. The World Bank and the Asian Development Bank have gone on record commending India’s economic reforms and handling of economic recession” “  “The growth rate of the last quarter of this financial year is 8.5%. The growth rate is expected to cross double digit in four years” he added. The growth is a process of reaching out to the most backward segments of the society without which the economy would not reflect its true progress. He opined that fiscal deficit is like an antibiotic, continued or over use of which could spell disaster to the economy. Specifying the importance of Agro-sector which constitutes the major chunk of Indian economy, Dr. Basu, expressed the need for more initiatives towards providing boost to the agriculture. He also lauded the contribution of Dakshina Kannada District in education.

Speaking on the occasion, Dr. H.A.C Prasad, Senior Economic Advisor, Ministry of Finance, Govt. of India said that the high economic inflation is not something to worry at present as it is not effecting lives of the majority of the people. “Yes, it is a concern for all of us in the finance ministry as it will have its impact on the economic reforms.” “External economic pressure adds to the worry as the exports have come down in comparison to China” he said.

Shri J. M. Garg, Chairman & Managing Director, Corporation Bank, in his presidential address suggested that a new approach to the development might be initiated by district and taluk-wise modules by identifying local talent to look into the problems and propel developmental tasks. He said that 65% of the population in the country is still not connected to the Banking system and Financial Inclusion will be a solution for that. “A pilot project of  rural economic development could be considered for the inclusive economic growth of rural India” he suggested. He appreciated the efforts taken by the finance ministry and the economic advisors in keeping the countries economic development.

Mr. Asit Pal, Executive Director Corporation Bank welcomed the gathering. Mr. Narendra Singh Executive Director, Corporation Bank, proposed Vote of thanks. Dr. Moodithaya, Director, JKSHM, introduced the guests.  Over three hundred students from various Management colleges have participated in the workshop in addition to eminent business and banking personalities.