Chennai: Stressing the need to speed up the economic growth, C. Rangarajan, former chairman, Economic Advisory Council to the Prime Minister and RBI former governor said, “The next decade would be crucial for India in many ways.” While delivering the convocation address at the Institute for Financial Management and Research (IFMR) near Chennai recently.
“First, reforms to simplify procedures, speed up the delivery system and enlarge competition must be pursued vigorously. Passing the GST Bill and Bankruptcy Act are some of the significant steps. Secondly, all viable ‘stalled’ projects must be brought to completion and thirdly, the financial bottlenecks need to be cleared,” he said.
He further said, “The banking system is under stress. The non-performing loans of the system have risen and are rising.” “In many ways, the coming decade will be crucial for India. If India grows at 8 to 9 percent per annum, it is estimated that per capita GDP will increase from the current level of $1,600 to US$ 8,000 by 2030”, he added.
Totally 179 PGDM students and 2 PhD scholars were awarded the graduation certificates at the convocation. IFMR director P.K. Biswas said that the students have got 100 percent placements through campus recruitment.
