10 Mar 2021 20:14 IST

Need to run faster to stay where we are, says C Rangarajan on economy

Speaking at 10th ICFAI convocation, former RBI Governor says growth needs to compensate for decline

If the Indian economy grows at 8.7 per cent in 2021-22, will it compensate for the decline in 2020-21 and it will then be where it was at the end of 2019-20, said Dr C Rangarajan, economist and former RBI Governor.

Speaking virtually in his capacity as the Chancellor of ICFAI Foundation for Higher Education, a deemed to be university, at its tenth convocation, held on March 10, Dr Rangarajan said, “As the saying goes, we need to run faster to stay where we are.” He said the recent Budget has projected the growth rate for 2021-22 at 10.5 per cent. “It sounds a little optimistic. We as a nation really need to organise ourselves to get back to the high growth path as early as possible,” he elaborated.

Valuable lessons

“Looking at the recent discussions on agricultural marketing reforms, the best course of action for the central government now may be to leave to each state to decide whether they want these measures or not. That will set the stage for experimental economics and farmers themselves will be able to see the best possible course of action with respect to agricultural marketing reforms,” he explained.

During the convocation 2,070 students received their degrees. Out of which two students were conferred their PhD degrees, 1,181 students were awarded MBA degrees. In the other streams, four LLM, 84 BBA-LLB (Hons), 141 B. Tech and 574 BBA degrees were awarded. MMS degrees were awarded to 84 students.

Congratulating the graduating students, Dr Rangarajan said, “This is an occasion for celebration for all of you, as your academic efforts have come to a successful fruition. As you enter a new stage in your life, your future is intertwined with the future of this country. But, at the same time, you have the opportunity to shape it. Youth is full of idealism and ambition. Idealism without ambition may not achieve much. On the other hand, ambition without idealism is dangerous. May you combine the two in the right proportion!”

Prof J Mahender Reddy, Vice Chancellor, highlighted the University’s endeavours towards promoting online education during the Covid-19 pandemic. He said the transition from offline to online has been smooth and that the faculty, students, and support staff have adapted to this change quite well. Prof Reddy said that the University plans to start online MBA programme shortly, which will provide opportunities to the eligible students across the country and eventually globally.

Prof Reddy also said that the UGC Expert Committee has recommended approval of the 12-B status to the University. With the ratification by the UGC, the University becomes eligible to receive financial assistance under all UGC and government schemes for research and teaching.

Medals awarded

Medals were awarded to students for academic and all-round excellence. Aditya Bhat received the gold medal (first rank holder) and Arabaze Ali the silver medal (second rank holder) for academic excellence in the MBA programme. Palak Kamra received ‘The Saurabh Sharma Memorial Gold Medal’ for securing the first rank in MBA — Marketing stream and Sreenivas Kireeti Amudala received ‘The Faiyaz Ahmed Khan Memorial Gold Medal’ for securing the First rank in MBA – Finance stream.

Rohit G and Rajyashree Kanodia received the gold medal and silver medal respectively for academic excellence in the BBA programme while Kommalapati Abhiroop Tejomay and Basireddy Ravichandra Reddy received the gold medal and silver medal respectively for academic excellence in the B.Tech programme. The gold medal and silver medal for academic excellence in BBA-LLB (Honors) programme went to Prerona Bhattacharjee and Nikita Agarwal respectively.

Rajyashree Kanodia of BBA, Class of 2020, received the NJ Yasaswy-Apollo Hospitals Best Student Award for All-Round Excellence. The second prize went to Mayur Bhargava of BBA, class of 2020. The N J Yasaswy-Apollo Hospitals Award for the Best Teacher went to Dr G Sudhaamsh Mohan Reddy of IcfaiTech, which includes a cash reward of ₹1 lakh.