Expert calls for constructive policies to spur growth

Coming down heavily on Centre’s populist policies with an eye on polls, Union Ministry of Finance Chief Economic Advisor Dr Raghuram G Rajan, on Monday, exhorted the need to adopt a more constructive policy in order to ensure the country achieved true economic growth. 

In this regard, he cited the example of country’s agriculture sector, whose productivity has fallen down, despite huge waivers and tax subsidies being provided to farmers.

Addressing the 38th Annual Convocation of Indian Institute of Management - Bangalore, he said, it is far better to provide real investments in areas like irrigation by reducing distortionary subsidies such as free electricity and create more jobs outside agriculture.”

Such concrete steps are necessary for free enterprise to reinforce each other and ensure their delicate balance so crucial for the country,” he added.  “A job is the best form of inclusion. We must understand that the line between equipping the poor to get decent jobs and populist vote-buying is a thin one and governments must be careful not to cross it,” he warned.

Further, stating that the rich are playing a pivotal role in raising resources for such spending, he called for putting in place a system of punishments for not declaring one’s taxes but also reward if one does so.

“Why not a Padma Bhushan to highest income tax payer in the country as a recognition?” he asked. 

IIM-B Board Chairman Mukesh Ambani, in his address, exhorted the students to strive for higher aspirations and move up in life, observing that graduating was not only about education or moving ‘out’ of IIM.

Citing his father’s example, the Ambani scion and Reliance Industries Chairman said, students must not hesitate to go ahead and grab whatever opportunities came their way. For, according him, “when talent meets opportunity, magic happens.”
Noting that “one should not only go through life, but should ‘grow’ through life,” Ambani advised the graduates to develop the spirit of enquiry and questioning in order to better their status in life.

Giving away degrees to 562 students of various post graduate management courses, Ambani asked the students to move up the ladder of excellence “for bigger causes and higher aspirations” and channelise their energies to make an impact on the world.