Surat: An interactive session on ‘Economics and Business Matrix’ was organized by the Chamber. Loktej Surat, Business News

An interactive session on ‘Economics and Business Metrics’ was organized by South Gujarat Chamber of Commerce and Industry under ‘Surat Economic Forum’. In which QuantEco Research founder Dr. Shubhada Rao and co-head Vivek Kumar guided the entrepreneurs of Surat about the country’s economy and business.

Chamber of Commerce President Ramesh Vaghasia welcomed everyone in the seminar. In his welcome address he said that microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments. Although these two branches of economics appear different, yet they are dependent and complementary to each other.

Macroeconomics focuses on the performance of economies. These include changes in economic output, inflation, interest and foreign exchange rates, and the balance of payments. Macroeconomics ties together the many policies, resources, and technologies that drive economic growth. Without proper macro management, poverty reduction and social equality cannot be achieved.

He further said that the inflation rate in India from 2021 to 2024 was to average 6 percent, reaching an all-time high of 12.17 percent in November 2013 and a record low of 1.54 percent in June 2017. India’s real GDP is estimated to grow at 7.3 percent in FY 2013-2014 as India continues on the path of fiscal consolidation to reduce fiscal deficit to below 4.5 percent by 2025-2026.

Giving information about the Forum, Chairman of Surat Economic Forum, Hemant Desai said that ‘Surat Economic Forum’ has been established to act as a ‘think tank’ with the aim of promoting the economy of South Gujarat. In which work is being done on issues like promoting local economic activities, finding new avenues of development, removing bottlenecks in infrastructure, providing skills to local people and creating new opportunities.

Keynote speaker Dr. Shubhada Rao, Founder, Quantico Research Company, said, Surat Diamond Burse is a living example of ‘Think Global, Act Local’. To do global work one must first look at domestic matters. At present India’s GDP is increasing, which shows that the steps being taken towards making the country a developed nation are right. He said that India can increase its GDP faster by reducing India’s dependence on China, the world’s manufacturing centre, and by giving more momentum to manufacturing in India.

He gave detailed information about the Asian export model. He said that India can become a five trillion economy by the year 2026 and said that India’s strength is domestic consumption, investment and exports. India’s contribution to the global export sector is 3 percent, which is increasing. India’s good relations with other countries are very important for the country’s economy. In future, the country’s economy can grow with a growth rate of 10 percent. It is also important from the point of view of the Indian economy to know where the economies of America, UAE and China are at present.

Vivek Kumar, co-head of Quantico Research Company, said, ‘India’s strength is the youth, who are playing an important role in India’s GDP growth. Since there is an educated class in India, the service sector has developed a lot. He explained in detail the reasons behind currency appreciation or devaluation. He said, India exports 80% of its total exports to the US and 8% to the UAE. He said that India should also find ways to export to other countries of the world.