The Hindu : Andhra Pradesh / Hyderabad News : Rangarajan for ‘poverty-reducing growth’

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Sunday, Dec 30, 2007
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Rangarajan for ‘poverty-reducing growth’

Staff Reporter

HYDERABAD: Achieving higher growth rates in agriculture, development of infrastructure, fiscal consolidation, managing globalisation, and effecting good governance were highlighted as major challenges to the Indian economy by C. Rangarajan, chairman of Economic Advisory Council to the Prime Minister.

Delivering the valedictory address at the concluding session of the 60th All India Commerce Conference by the Indian Commerce Association at the Osmania University campus on Saturday, Dr. Rangarajan shared his views on the opportunities and challenges that lay ahead for the Indian economy.

Significant strides

Noting that the economy had made significant strides in terms of growth rate during the past few years, he said now is the time to translate it into “poverty-reducing growth” through policy measures towards increasing employment opportunities and improving productivity.

Reflecting on how the acute economic crisis of ’90s led to “structural reforms and stabilisation aimed at improving productivity and efficiency and thus improving international competitiveness”, he said that the country had since shifted to a higher economic trajectory with growth rates hovering around nine per cent.

While prescribing consolidation of small holdings into “economically viable units” for improved productivity of land and labour on agricultural front, the former Governor of Andhra Pradesh emphasised cost recovery as the focus area in infrastructural development. Efficiency of expenditure should also be kept in mind while delivering on projects related to social infrastructure.

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