Indian Council for Research on International Economic Relations

Lecture Details

Reality and Myths of India’s Economic Growth
 

Dr. Arvind Virmani, Director & Chief Executive, ICRIER 
April 12, 2004

 
From L to R: Mr. R. M. S. Liberhan, Director, India Habitat Centre, Dr. Surjit S. Bhalla, Managing Director, Oxus Research & Investments, Dr. Arvind Virmani, Director & Chief Executive, ICRIER, delivering a talk on ‘Reality and Myths of India’s Economic Growth’, jointly organised with India Habitat Centre. 

Dr. Arvind Virmani, Director & Chief Executive, ICRIER delivered a lecture on ‘Reality and Myths of India’s Economic Growth’ on April 12, 2004. Dr. Virmani examined two enduring myths that connect the past and the present. One is that the socialist policies of the sixties and seventies were a golden era for the poor. The other, that there was a growth take-off during the nineties the nineties. The period is marked by a decline in poverty rate and increase in economic growth. Dr. Virmani has given due importance to variation in growth rate due to fluctuations in the pattern of monsoon. For the sake of simplification, he has divided the period since independence into two phases, viz. 1950-51 to 1979-80 and 1980-81 to 2003-04 on the basis of agricultural growth rate. 

Dr. Virmani also states that market reforms, viz. Delicencing, raising the ceiling of MRTP, dereservation, Broadbanding, capital good imports etc. though peaked in the 1970s did not help the growth rate to increase due to pressure from agricultural sector. He therefore recommends wider and compatible reforms. The lecture was attended by renowned academicians, researchers, thinkers and policy makers. The lecture was followed by an interactive discussion and exchange of ideas. Dr. Surjit S. Bhalla, Managing Director, Oxus Investments (P) Ltd. chaired the lecture.

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