New Delhi: Renowned economist and former Governor of the Reserve Bank of India, Dr C Rangarajan has said that the skill of economic leadership lies in striking a balance between growth, equality and price stability. Speaking at the release of an e-collection of selected articles on ‘India’s Growth, Fiscal Policy and Monetary Policy: How to Recover from Economic Shocks’ here on Wednesday, Dr. Rangarajan said that it is necessary to keep the development strategy multi-dimensional because only policies Mere improvement in GDP is not a guarantee of economic development.
Published by CUTS International, the collection has been jointly edited by Dr Rangarajan and Dr DK Srivastava, Chief Policy Advisor, E&Y and former Director, Madras School of Economics. CUTS is a leading global public policy thinker and practitioner on trade, regulation and good governance. Speakers at the event said that this e-collection is a collection of articles that provide deep insight into the economic challenges faced during the current difficult times of COVID-19 and beyond. Pradeep Mahata, Secretary General of CUTS International, while welcoming the participants, appreciated the deep insights of Dr. Rangarajan on both microeconomic and macroeconomic issues.
Dr. Rangarajan Dr. Rangarajan has also previously been the Chairman of the Economic Advisory Council of the Prime Minister. He described Covid-19 as the first non-economic crisis in the last century to give rise to significant economic consequences. He said, ‘Economic growth is the answer to many of our social and economic problems. This cannot be sustained in the long run unless fairness is also included in it. The former RBI Governor also stressed the need to create a conducive environment for investment by paying attention to both economic and non-economic factors.