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Indian economy is more balanced than other market economies: Prof NR Bhanumurthy

Prime News, National, Karnataka, Economy, Health, Disease, Mysuru, December 3:- The Indian economy, though affected by COVID-19 pandemic, is responding positively to the quantitative easing and fiscal measures and reviving appreciably, said Prof N R Bhanumurthy,  Economist and Vice-Chancellor of Dr B R Ambedkar School of Economics University, Bengaluru.

While delivering the inaugural address at the 6th International Economics Conference organised by Shri Dharmasthala Manjunatheshwara Institute for Management Development (SDMIMD) Mysuru, on the theme of “Economic Growth and Sustainable Development: Emerging Trends,” Bhanumurthy further said, “Fiscal policy should not be the first line of defence during the economic crisis and unlike economic crisis of 2008, India executed more prudent policy measures to manage the COVID-19 triggered economic downturn wherein monetary policy dominance over fiscal measures was evident.”

He expressed concerns that chip shortage would affect automobile manufacturing and supply chain economy. Though inflation is on the rise particularly due to fuel price rise, Prof Bhanumurthy was confident that it will continue to remain within the Reserve Bank of India’s targeted rate of 6 percent.

Speaking on climate change, he said that more research and debates are essential before emerging economies decide whether to continue to use coal as a key energy source.

Answering a question, Prof Bhanumurthy said, “Regional disparity in India is increasing and it could be attributed to the federal system of government and market forces. Different states have different policies and approaches to the same problem.” Furthermore, he also believed that India is more equipped than before to manage the disparities as new mechanisms are developed.

Dr Frank Longo, Associate Dean for Global Programmes at EAE Business School in Spain, delivered the keynote address at the two-day conference. In his talk, Dr Frank brought out the issues of sustainability, economy and growth and their linkages from the global perspective and discussed the role of academic institutions in this regard.

Dr Saju Jose, Associate Professor in Abu Dhabi University, United Arab Emirates, who was the distinguished speaker for the technical session, highlighted the role of corporate social responsibility in the development of the economically backward segment of society. He emphasised the need for evolving the right Corporate Social Responsibility strategies by corporates by aligning with their core competencies.

Dr Jose added that CSR activities should be related to larger concerns for doing good for society and the environment, going much beyond the immediate business stakeholders and the narrow profit motive.

Utsav Agarwal, Director of Bhorukha Fabcons Private Limited, the chief guest at the valedictory session, said “Conservative banking affects credit flow and thereby economic growth is contracted.”

Speaking on the need for economic stability to achieve business sustainability, Utsav narrated the challenges encountered by the Micro, Small and Medium Enterprises (MSMEs) during COVID-19 pandemic. He argued for consistency and persistence in government policies to enable business sustainability.

Dr N R Parasuraman, Director and Professor of Finance at SDMIMD, expressed the need for the academic community to involve rigorously in relevant research to contribute to better corporate decision making and government policy formulation.

Dr B Venkataraja, Associate Professor of Economics at SDMIMD, expressed concerns that stagflation, income disparity and climate change might be the obstacles in attaining inclusive and sustained economic development during the COVID pandemic times.

The two-day virtual conference deliberated on 94 research papers and case studies presented by academic researchers and practitioners on the various dimensions of the economy, growth and sustainability. (MR)

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