Update: November 12, 2021 3:42 PM STI
Sonipat (Haryana) [India], Nov 12 (ANI / OP Jindal University): India should focus on supply through reforms and capital spending to build assets in the economy, said Dr KV Subramanian, economic adviser in head of the Indian government.
He was speaking today about the three decades of economic reforms of 1991 at the 3rd Global Finance Conclave organized by the Jindal School of Banking & Finance (JSBF).
Elaborating on the growth of the economy since 1991, Dr Subramanian highlighted how the country handled the impact of demand and the supply line during the COVID-19 crisis. “Recognizing that the COVID pandemic requires social distancing and lockdowns, it was evident that there would not only be an impact on demand but also supply chain disruptions. While demand may actually increase faster, it takes at least eight per 10 months for supply to increase. What India has done during this crisis, and hopefully this will become an important macroeconomic model that other countries and policymakers should study in terms of a policy response, is that India has stepped down. fact focused on supply – whether through reforms or capital spending. He added: “If you have a global supply line that doesn’t change – you only have growing demand. In macroeconomic terms, that means there will be a growth path but inflation will rise. Also. When inflation rises, monetary policy has to try to reduce that demand. What you have then is the increase in demand that fiscal policy has done and monetary policy tries to relax it. So, you’re going back to square one, this growth push that you got is temporary because monetary policy and fiscal policy are working against the grain. “
The theme of the conclave is “The story of India’s growth from 1991 to 2021 and beyond” to commemorate 30 years of the transformative reforms of 1991 and to understand the challenges that need to be addressed as we slowly emerge from it. ‘a pandemic.
The presidential speech was delivered by Dr Shankar Acharya, former chief economic adviser and author of An Economist at Home and Abroad. women’s participation in the labor market, budget deficit and debt have been affected. Closures became a common policy during this time. This has resulted in loss of income / consumption creating great vulnerability among poorer sections of India. There will, however, be an economic recovery even though there is still a high level of uncertainty due to the pandemic. The greatest impact has been on the informal non-agricultural sector. There have been important political initiatives over the past two years and they are a step in the right direction. If the effects of Covid-19 and other constraints on our medium-term growth performance outweigh the intention for reform, then this could lead to a period of modest growth over the next five years. “
Professor (Dr.) C. Raj Kumar, founding vice-chancellor of OP Jindal Global University (JGU), said in his inaugural address: “The economic reforms of 1991 created a new vision for India which has Not only had an impact on the economic sector and society in but it also created new opportunities for institution building. The idea of private higher education institutions to improve the quality of education and promote excellence is the result of the idea whose time has come. The reality was that although India had historically contributed to the knowledge society on a global scale, the contemporary evolution of Indian education on the eve of independence was limited. We only had 20 universities and today we have over 1,000 universities and over 50,000 colleges. We firmly believe that there are essential elements to improve the quality of governance to improve higher education. This includes a commitment to internationalization, the advancement of research, interdisciplinary learning, a high quality faculty and equitable access to education for all. The 1991 economic reforms which were inaugurated in the country led to other forms of reforms which further shaped India’s socio-economic future. Today, the National Education Policy 2020 has enormous implications with the potential to reimagine the future of Indian universities, creating intellectual, political and social awareness and political impetus for the improvement of higher education. “
Notable addresses were delivered by Dr Amar Patnaik and Dr Sasmit Patra, Members of Parliament, Rajya Sabha. Other prominent speakers at the Conclave include Ajit Pai, Emeritus Expert in Economics and Finance, Niti Aayog, Dr Ashok K. Lahiri, Former Chief Economic Advisor, Government of India and Dr PTR Palanivel Thiagarajan, Minister of Finance and Management of human resources, Government of Tamil Nadu and Dr. Mukulita Vijayawargiya, full time member of the Insolvency and Bankruptcy Board of India (IBBI).
The Global Finance Conclave will host 55 speakers, including the current Chief Economic Advisor of the Government of India, 2 former Chief Economic Advisers and renowned economists, 1 Minister of Finance and Human Resources Management (TN), 2 MPs (Rajya Sabha), 3 members of state legislatures, 1 senior expert from NITI Aayog as well as academics, economists, bankers and lawyers.
Dr Ashish Bhardwaj, Professor and Dean of the Jindal School of Business and Finance said: “The reforms of the 1990s forever changed the grammar of our country and the confidence of our people. From the historical developments that took place 30 years ago, there is a need to reflect on the implications of India’s growth history from 1991 to 2021 and beyond. Understanding where we came from and how we emerged will help us understand where to go from here and how to get there. The answers to these difficult questions will emerge from the deliberations in the Conclave. To a large extent, the fate of the world will depend on what India decides to do, how quickly we do it, and how quickly we learn the lessons of the past. “
This story is provided by OP Jindal University. ANI will not be responsible for the content of this article in any way. (ANI / OP Jindal University)