ICFAI organises conference on macroeconomics

ICFAI Foundation for Higher Education, Chancellor, Dr C Rangarajan said the present economic crisis was unique in the sense that it was triggered by a non-economic shock.

Hyderabad: ICFAI Business School, Hyderabad, in collaboration with Indira Gandhi Institute of Development Research (IGIDR), organised a virtual two-day 14th annual Doctoral Thesis Conference on ‘Macroeconomics and Finance’ on Thursday.

ICFAI Foundation for Higher Education, Chancellor, Dr C Rangarajan said the present economic crisis was unique in the sense that it was triggered by a non-economic shock. While the hope of recovery was high after the first wave, with the second wave, recovery appeared difficult as the spread of the virus had adversely impacted several sectors resulting in unemployment and weakening demand, he said.

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He said to handle this situation, the government had to consider increasing expenditure to push demand in the system as a stimulant for the economy.

Indira Gandhi Institute of Development Research, Director and Vice-Chancellor, and Indian Economic Association, president, Prof S Mahendra Dev, said “the theory that research scholars work on should be suitable for resolving country’s problems”.

ICFAI, Vice-Chancellor, Prof J Mahender Reddy said that specification of a model was important and asked them to pay careful attention to sources and quality of data.