“Higher economic growth supplemented by policies supporting weaker sections, is essential to achieve growth, triggered by reforms,” said Dr Rangarajan, Chancellor of ICFAI Foundation for Higher Eduction. Dr Rangarajan, former Governor of the Reserve Bank of India, delivered the valedictory address at the two-day 12th annual doctoral thesis conference, organised by the ICFAI Business School, Hyderabad, on April 18 and 19.
On growth versus poverty, Dr Rangarajan said that to become an advanced economy, a per capita income of $22,000 is necessary, and this can be achieved only if India maintains a growth rate of 8-9 per cent per annum, for 22 years. He said that a high growth rate supported by policies will help eradicate poverty.
Research and training
The conference was organised in collaboration with the Indira Gandhi Institute of Development Research (IGIDR), Mumbai. Research scholars from various fields related to management studies and economics participated. Participants from IIMs, IITs, NITs, JNU, Delhi School of Economics, Delhi University, IFMR, BITS, Tata Institute of Social Sciences, and various central and state universities presented over 90 papers.
Dr Rangarajan said that research and teaching are closely related and good teachers need adequate research ability. While research helps in accumulation of knowledge, teaching helps in its dissemination. He spoke about the economy before and after the 1991 reforms, and said that India turned a crisis into an opportunity, creating a transformation in economic policy.
Economic growth
He also spoke about economic growth, stability and distribution, pointing out that growth accompanied with stability can be sustained. Inflation needs to be in control but price stability is not always a blessing, he added.
Addressing the participants, Prof J Mahender Reddy, Vice-Chancellor, ICFAI Foundation for Higher Education, said that rigour and relevance are important for research scholars, and emphasised the significance of quality publications in research.