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Recession a passing phase: official

Staff Reporter

“It’s time for India to strengthen domestic markets for future”

Kakinada: The global economic crisis has resulted in massive job cuts, a substantial decline in people’s purchasing power and collapse of some of the world’s best business organisations.

The impact is felt across geographies but it is a temporary phenomenon, which should be considered an opportunity to plan and act for the future.

The Government of USA, which suffered heavily due to the so called economic meltdown, implemented stimulus packages to prevent a complete rout of its economy and India too has taken a few initiatives aimed at controlling the damage, which should therefore be not a major cause for worry, said Principal Secretary (Agriculture) to Government of Andhra Pradesh S. Chellappa.

Addressing a workshop on Global Economic Meltdown- Challenges and Opportunities for Engineers organised by JNTU Engineering College here on Friday, Mr. Chellappa said recession was a perennial problem faced by the world but it’s going to abate soon.

India was fortunately insulated from the effects of recession as it was largely dependent on agriculture, which was not technology intensive unlike the manufacturing and services industries. It’s time for India to strengthen domestic markets for future instead of being unnecessarily bogged down by the crisis.

‘Utilise human capital’

Monica C. Holmes, Associate Dean of College of Business Administration, Central Michigan University, said the world was going through a rough patch because of some people who resorted to excessive worship of money and thus brought about the downfall of economies.

Though India remained relatively less affected by the economic downturn, it could not afford to be complacent. It should plan and continue to learn to prepare for the upswing that is bound to come by making the most of its human capital.

JNTU Kakinada Vice-Chancellor Allam Appa Rao said India needed to look at agriculture technology (AT) which was an alternative for its vast talent pool and exuded confidence that only AT could deliver sustainable economic wealth.

Engineers have a crucial role to play in inventing and application of soil management techniques, integrated water management and climate and weather prediction.

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