Economic reforms in India: Spring Lecture held by SU

YUVRAJ DAHAL

Gangtok: First Spring Lecture on “Economic Reforms in India” was delivered by Professor GK Chadda, Chief Executive Officer, South Asian University, and former economic advisor of Prime Minister of India at the conference Hall of Hotel Royal Plaza on March 26.

The programme was chaired by former Chief Secretary, Government of Sikkim, Mr. Sonam Wangdi. Principal of Sikkim Government College (SGC), Tadong, faculty members of Sikkim University, students, Mr. CD Rai, veteran journalist, among others, attended the programme.

Mr. Chadda, mentioned the “slumbering phase” of Indian economy in the year 1950-1970 when in those three decades the nation was living with a Gross Domestic product (GDP) growth rate of 3.5% in strong contrast to that of China, which had a higher rate of growth.“Indian economy is like a peacock that possesses the symbol of beauty, represented by its feathers and the symbol of ugliness, represented by its feet” he stated.

He explained that some economic issues of the nation are appraisable and some are dreadful.

The education sector is like the feathers of the peacock that symbolizes the magnificence of the Indian economy but there is also the dark of the ugly part of it, he added. Gap between urban and rural people of India, fluctuation of GDP rate in primary sector (agriculture) escape and descent into poverty, unevenness and disparity of Gross Enrolment Ratio (GER) in Higher education” he said.

He said, “Sikkim, being one of the progressive states is also not free of such GER in Higher Secondary that needs to be focused and solved as well”. Highlighting the Sikkim University, he added, to make the teaching profession acceptable, socially and globally, what really counts is the human staff, faculty, rather than the building. Education is not a matter of commercialization as it has become at present. It must be free from all disparities, he said. Certificates were also given to the winners of “Paint the Change” contest that was held on March 12, at SGC, Gangtok and Namchi Public School, in which 106 participants took part.

source:sikkim reporter

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Indian economy is on sound footing: Prof Chaddha



Staff Reporter

GANGTOK, March 26: Former Economic Advisor to the Prime Minister and the Chief Executive Officer of the Delhi based South Asian (SAARC) University, Professor GK Chaddha today asserted that Indian economy is on sound footing now and that is why it could remain intact bearing the brunt of worldwide economic recession successfully unlike many Western countries.

He said the country’s economic growth rate, which had been stagnating at around 3.5 percent between fifties to seventies, had a big leap in the eighties and could successfully achieve an accelerated growth rate of around 9 to 10 percent between 2004-05 and 2007-08.

Prof Chaddha was delivering the First Spring Lecture on the topic “Recent Economic Reforms in India” here in the Capital, organized by Sikkim University. Presenting relevant data, he stressed that Indian economy no more a mere agrarian economy as was perceived to be earlier. He told that the share of agriculture sector which used to be around 56.5 percent in the year 1950-51 was reduced to 18.9 percent in 2008-09. On the contrary, the share of Banking and Insurance sector recorded an increase from the earlier 29.9 percent to 57.3 percent during the period, he said. However, the agriculture sector, Prof Chaddha observed still employs some 55 percent of the entire workforce of the country which indicates that the per capita productivity in this sector is very low.

Prof Chaddha predicted that India may rise to the third position from the existing fourth position in the ranks of top 10 economies in the world in the next five years, leaving even a country like Japan behind with regard to purchasing power of the people. Besides, the country has also performed well in the field of poverty alleviation recording a steep decline in the poverty rate from 54.9 to 19.3 in t he last 35 years or so, he said.

He further stressed that about 80 percent of the population may still be considered poor as per the criteria applied worldwide.

Revealing that the enrolment ratio in the colleges and universities has risen to 11.4 from the earlier 4.9 in the last 35 years or so which is still far behind the Western countries, Prof Chaddha asserted that being a knowledge economy is the pre-requisite for becoming a World-economy.