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A report on changing landscape of world economies: need for alternative growth models

19th and 20th February 2015

The two day conference titled “Changing Landscape of World Economies: Need for Alternative Growth Models” organised by School of Management on 19th and 20th of February 2015 aimed at providing a platform for deliberating how the world economy has witnessed some truly unimaginable changes in the last decade and how the world economy is providing the developing countries with both opportunities and challenges for an inclusive consistent growth.

This prodigious event started with the inaugural session beginning with a formal welcome by Dr. P.K.Goel, Dean, School of Management. It was followed by a welcome note by our honourable Vice Chancellor Sir, Dr. Raj Singh. Dr. Singh in his welcome address provided a backdrop for the deliberation to be held during this conference. He shared how climate change, age wave, demographic features of world population, monetary instability and information revolution might lead to sustainable abundance which can lead to restricted economic growth. He suggested that developing nations need to form strategies for future growth such as geographic rebalancing of companies, business friendly environment, new distribution landscape, new opportunities and newer jobs at lower and higher levels. He specifically emphasised that providing different kinds of skill sets, inter disciplinary education, practical education and global orientation to the present youth can substantially contribute towards the future economic growh.

After Dr. Singh’s address the official release of the book of proceedings was done by our chief guest Dr. B K Chaturvedi, Former Cabinet Secretary, our guest of honour Dr. D.K. Srivastava, Chief Economist Ernst and Young, Dr. Raj Singh, Vice Chancellor, G.D. Goenka University, Dr. P.K. Goel, Dean, School of Management and Dr. Tanuja Kaushik, HOD, School of Management.

The key note address during this session was delivered by Dr. B K Chaturvedi. In his address he emphasised that the global economic growth has in the recent years accelerated in Asian and emerging market economies, while growth in Europe has slowed down. Many developing economies have developed their own growth models however these inequalities in income distribution. If the fruits of development do not flow to large sections of population, future growth is likely to be impacted adversely. He suggested that inclusive growth can be achieved by regional dispersal of economic goods, fair access of all goods to all sections of society, connectivity with rural areas and removal of urban-rural divide.

The guest of honour Dr. D K Srivastava in his addressal shared that while India will have the core responsibility of leading world economic growth just as China did in the last 35 years, it will not be possible for India to replicate the Chinese growth strategy, which relied on a manufacturing-centered growth strategy, current account surplus and dependence on export markets. India’s saving rates will remain below the Chinese saving rate of these years, it will continue as a current account deficit economy with much dimmer export growth prospects. But he added that technological innovations, dependence on domestic demand, focus on less capital intensive sectors, and knowledge leadership in IT and financial sectors might yet make India the brightest star in the emerging landscape of the world economy.

In the end of the inaugural session a vote of thanks was extended by Dr. Tanuja Kaushik, the convener of this conference, to all the dignitaries, delegates, guests and G.D.Goenka University team for their unconditional contribution in making this conference a huge success.

After the inaugural session a plenary session was held on the topic “India in the Emerging World Economy”. The chairperson of this session was Prof Prem S Vashishtha, Former Director NCAER and the speakers were Dr. D K Srivastava, Dr P.K.Goel and Prof. Ashok Pankaj. They deliberated that the next five decades will be unique for India as it will go through the peak of its unfolding demographic dividend. While China has just passed the peak of its demographic dividend around 2010, when its working age population in the age group of 15-65 years was as high as about 74 percent, India will reach this peak around 2035. At that time, the share of its population in the 15-65 years age group would be about 68 percent. Such a size of young population can both be a major potential asset and a major unanticipated liability for India. As educated, trained, skilled, and productively employed young population can unleash unprecedented growth whereas unemployed, uneducated, and with an improper distribution of income the same population can be a source of major social unrest. The speakers emphasized that in unleashing the growth potential of this population, both the government and private sectors will have to play key roles. They will have to focus on investment strategies, innovative policies, entrepreneurship, develop a technologically advanced approach, focus on domestic market and merge economic growth with political models. In this session Dr. D. K. Srivastava very rightly quoted a couplet by Mirza Galib: Humne manna ke tagaaful na karoge lekin, Khaak ho jaayenge hum tumko khabar hone tak to elaborate that if we do not focus on the economic growth of India right now all our dreams of making India a prosperous nation will turn to ashes.

The second half of day one was dedicated to four technical sessions dealing with subjects: Business Models, Infrastructural Development and Economic Growth, Financial Stability and Approaches towards Financial Governance, Skill Gap, Education and Economic Growth and Policy Interventions, International Trade Regimes and Economic Growth. Session I was chaired by Prof. Sapna Popli and Dr. Gunjeet Kaur. Session II was chaired by Prof Anoop Pant and Dr. P.Malavizhi. Session III was chaired by Dr. Shalini Sharma and Dr. Kakoli Sen and Session IV was chaired by Prof. Naushad Ali Azaad and Prof. D. R. Agarwal. Day one of the conference full of inquistitive, rigorous and critical sharings was concluded with a cultural evening comprising of enthralling performances by students of School of Management, G. D. Goenka University.

The day two of this conference started with many erudite discussions by eminent economists and experts. In the key note address Dr N R Bhanumurthy from National Institute of Public Finance and Policy discussed about the existing growth models, their limits and new alternative existing growth models. He suggested that for decent and sustainable growth India should follow the endogenous economic growth models, largely invest in human and social capital and follow the ‘Make in India for India’ model.

In the plenary session on the topic “Growth Theories and Practices in Modern Economies: What is the way Ahead” chaired by Professor Badal Mukherji, Former Director Delhi School of Economics and the speakers Dr N.R. Bhanumurthy, Professor Milindo Chakrabarti and Dr. D P Singh highlighted that India is the fastest growing country and we need to further focus on developing a greater understanding of how to bridge the gap between theory and offer insights to improve both national policy settings and methods of convergence. They emphasised that India needs to examine a range of issues from fostering entrepreneurship to income equality, equitable growth, savings and investments, grants and aids, knowledge centric approach, science and technology research and providing disadvantaged youth with skilled education.

The second half of this day was dedicated to four technical sessions dealing with areas:
Theoretical Perspectives on growth models and Inclusive Growth, Shift of balance in Economic power from West to East, R&D Innovation, Entrepreneurship and economic Growth and HR & Management Perspectives for Business Development. These sessions were chaired by Prof Badal Mukherjee, Dr. P. K. Goel, Dr. Seema Sharma, Dr D.R. Agarwal, Prof. Milindo Chakrabarti, Dr. Deepak Khanna, Dr. D.P.Singh and Dr. Tapan Kumar Nayak.

In the end of the conference valedictory session was held. In this session Ms. Ramandeep Kaur, Assistant Professor, GDGU briefly explained the conduct of the entire conference and shared the insights presented by the dignitaries and delegates. Dr. Raj Singh, Vice Chancellor, GDGU shared his perspective on Socialist economy system vs. Capitalist economy. He laid emphasis on Inclusive growth of economy and quoted that ‘with regulations also comes responsibilities’. Prof. (Dr.) Tapan Sen, the Guest of Honour for this session elaborated that not only growth in one direction but distributive growth is necessary for economy to grow as whole. Dr. P.K. Goel, Dean, School of Management extended a vote of thanks to the delegates and dignitaries. He acknowledged the hard work of everyone who were associated with the successful conduct of this conference. In this session it was shared that for this conference, School of Management had received 82 papers from national and international delegates out of which 55 were shortlisted for publication and presentation. Due to the accurate scholarship, immense insights and discerning observations of the dignitaries and delegates this conference has led to tremendous inspiring and change facilitating ideas, opinions, suggestions and viewpoints which can be of immense importance in uplifting India’s growth to realise it’s potential. The conference was concluded with a request to all the dignitaries and delegates on the behalf of G. D Goenka University team in the form of a couplet in Hindi: “Ab aaye ho to jaane ki jidd naa karo, Janaa hi hai to fir milne ka wadaa jarur karte jayo”

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