Chandigarh April 13, 2023
The Department of Economics, Panjab University, Chandigarh organised the 2nd Rangnekar Memorial Lecture which was delivered by Dr. Arvind Virmani, member of NITI AAYOG, GOI and former Exective Director, IMF, on the theme ‘India: Sustained, Inclusive Growth.’ Professor Upinder Sawhney gave a brief background of the Rangnekar Memorial Lecture, which was instituted in 2018 in the memory of Dr. S.B. Rangnekar, who founded the Dept. of Economics at Panjab University in post-Partition India. The Vice Chancellor, Professor(Dr.) Renu Vig, in her presidential remarks, elaborated about how the Indian economy in general and industrial sector in particular has evolved since independence. She pointed out that presently the focus of India is on Industry 4.0 comprising the latest technology including AI, Robotics and automation which will significantly increase productivity and efficiency in all sectors of the economy. She also emphasized the importance of start up eco-system and how jobs can be created.
Dr. Virmani, highlighted the sustained and resilient performance of the Indian economy in the recent past and how India will be a high-income country by mid-21st century. However, this economic achievement could be accompanied with some developmental issues due to India’s sheer size and diversity. He laid emphasis on threats and opportunities for the Indian economy. He pointed out that the low levels of skills, female labour force participation, structural unemployment, oil price fluctuations and hostile borders are some of the challenges. He suggested that these issues can be turned into opportunities with the help of digital transformation and knowledge and innovation driven policies. The nations worldwide are looking at supply chain diversification in order to reduce dependence on China, this can offer huge trade opportunities to India. The spread of digital knowledge and culture of work from home is an excellent opportunity to remove spatial and social barriers. The lecture was followed by an interactive session between the audience and the speaker. Professor(Dr.) Rumina Sethi, Dean University Instructions, in her concluding remarks, appreciated the way Dr. Virmani had put across important economic facts in a simple manner for lay persons to understand. Nearly 150 students and faculty members from different institutions attended the lecture. It was an insightful session which inspired the budding economists from the department.
