Bengaluru: Former Reserve Bank of India Governor, Dr C. Rangarajan on Wednesday said there was an urgent need to adopt a multi pronged strategy to revive the country's economy starting with speedy implementation of stalled projects, quickening of credit payments by banks and holding discussions with industrialists.
Delivering a lecture at the inauguration of the academic session of the Dr B. R. Ambedkar School of Economics here, Dr Rangarajan said the investment rate, which was 38 per cent in 2007-08, was now 27.4 per cent as a result of the country's declining growth rate.
"History will record that former Prime Minister Dr Manmohan Singh was the one who brought a paradigm shift in this country and a period of six years of high economic growth. What is really important is the level of investment rate in 2007-08, when the economy was growing at 8 per cent and the investment rate was 38 per cent of the GDP. But today it is 27 per cent. It is the decline in investment rate that has led to the decline in the growth rate," he explained.
Dr Rangarajan maintained that higher education should not become a monopoly of the few. "Quality of education is important. Courses and syllabus must be updated. Good teachers are also important. Technology helps teaching. A good teacher communicates, but a great teacher inspires. Students must recognise that learning is an experience by itself," he said, also suggesting that the present examination system could do with a change.
"Today examinations test students' memory rather than their critical abilities. The assessment system should change for everything to fall into place," he added.
