India needs to get back to growth path: Rangarajan

Dr Rangarajan was speaking at the ninth NJ Yasaswy Memorial Lecture on 'India in the New World Order' held virtually on Wednesday

Hyderabad: India needs to get back to the high growth path through reforms that 1991 saw. Without being a strong economic power, it cannot become a strong political participant in this world, said Dr C Rangarajan, former Governor of Reserve Bank of India and Chancellor of ICFAI Foundation for Higher Education (IFHE), Hyderabad.

Speaking at the ninth NJ Yasaswy Memorial Lecture on ‘India in the New World Order’ held virtually on Wednesday, Dr Rangarajan said “India needs a prudent financial system capable of supporting the growth momentum. There’s a need to raise investment ratio, and ensure financial system is prudent and capable of providing the wherewithal for the economy to grow.”

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“We need to take the reform agenda forward. We need to apply the spirit of liberalisation as much as possible to every area. The present state of the economy is not very convincing. We need to move faster and get the rate of growth as quickly as possible to 8 per cent or 9 per cent per annum in the coming years,” he said.

Delivering the ninth NJ Yasaswy Memorial Lecture, Prof Jagdish Sheth, Charles H Kellstadt Professor of Marketing, Goizueta Business School, Emory University, Atlanta, USA, said the Covid-19 pandemic may turn out to be in many ways an acceleration of new triad power replacing the old triad power in economics, economy, military and maybe in politics also.

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