Adarsh College of Arts and Commerce of Adarsh Vidya Prasarak Sanstha, Kulgaon-Badlapur organized a State Level Seminar in the memory of C.D.Deshmukh on Global Financial Crisis: Implications for India on 16th and 17th January 2009. The idea of having such a seminar was indeed innovative because in the triplet of Liberalization, Privatization and Globalization, no country can remain isolated. It is therefore very essential to have a well learned gathering of academicians, policy makers, thinkers who could discuss and deliberate the possible implications of such a world-wide spread phenomenon. This provided ample scope for intellectual interaction.
The seminar was inaugurated at the hands of Dr.Chandrahas Deshpande, Executive Director, MEDC and Mr. Sunil Bhandare, Chief Economist, Tata Group. In his key-note address Dr. Chandrahas Deshpande advocated the contemporary relevance of the topic and focused upon the global dimension of the crisis and the fact that the global dynamics are changing very fast. The years 2008-2010 are going to be unprecedented, turbulent and pervasive so that even if countries differ in terms of the intensities of the crisis, they cannot be isolated and remain aloof. He claimed that if global growth is unequal as it is right now, then the global recessions would be more frequent. He analyzed Euro countries, USA and Japan as the growth engines of the world economy in terms of recession and thereby emphasized the need for a positive role of fiscal policy in co-operation with monetary policy. He concluded his address by appealing the policy makers to inject fresh dozes of reforms into the economy.
Mr.Sunil Bhandare supported the views expressed by Dr. Deshpande in terms of strong fiscal stimulus for the economy with an example of coupon system adopted in China in place of tax cuts and exemptions. He emphasized that the growth of our economy is driven by domestic savings and demand so the degree of exposure to the global finance was relatively limited. He concluded his session by the examples that the recession in its traditional sense is not put on but a multi-dimensional slowdown is definitely witnessed presently and the policy responses by our policy makers are quite satisfactory.
The post lunch session of the day one was concluded with five paper presentations by the delegates under the chairmanship of an eminent professor from Acharya Marathe College Chembur, Mr. S.S.Panikar.
The second day began with the paper presentations again not only by the professors but also by the student delegates from the H.R and C.H.M College under the chairmanship of an eminent professor Y.B.Bhide, Associate Director, Chennai Business School. All these papers exhibited positive and optimistic view towards the current crisis.
The next session was addressed by Mr. Rajesh Mokashi, Executive Director, CARE. He offered his views on Credibility of financial institutions in India. He emphasized an important point that for this crisis only US can’t be blamed because it is well known and well accepted that “Returns are higher when the risks are higher” and certain behavioral changes result into a recession what is generally known as Herd Mentality. He dealt with CAMEL approach which mainly is used to rate the financial institutions. He very strongly assured the audience that 90% banks in India presently are credible and that is a very positive thing for a common man today.
The next session was presented by Dr. Vaidehi Daptardar, Principal, Adarsh College of Arts and Commerce Badlapur on behalf of Ms. Piya Mahetaney on Comparision of India and China in light of current financial crisis. She talked about inclusive globalization and major developmental issues of both these countries. She coined a new concept of tackle down effect instead of the known trickledown effect. This session was concluded by asserting a need for an ideal model of development by combined growth of India and China.
The concluding session was the presented by Dr. Rupa Rege-Nitsure, Chief Economist, Bank of Baroda on one of the most relevant topic, “Indian Banking Industry and RBI’s response to Liquidity Crunch”. According to her the integration of our economy with the world economy has led to high degree of interrelation between monetary, financial and real sectors of the economy. She opined that the FDIs can be attracted even if there is worldwide recession because there is no other attractive investment opportunity available elsewhere. She elaborated the policy of RBI along with the expected challenges and asserted that it is the tough time no doubt but not that dismal and gloomy.
The seminar thus ended on this positive note along with the valedictory session with an overwhelming response of more than eighty delegates.
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