4th G. Ramachandran Memorial Lecture held

The 4th G. Ramachandran Memorial Lecture organized by South India Chambers of Commerce and Industry (SICCI) and Trigyn Technologies was held in Chennai recently.  Dr. Y.V Reddy, Former Governor, RBI delivered a lecture on “India since Independence – Changing contours of Economic Policy.”


Addressing the gathering Dr. Y.V Reddy said ” Over the period of 70 years, changes in economic policies have been taking place and there have been some continuing elements also.  There are several ways of analysing these changing contours.  For example, Mr. Yashwant Sinha spoke about the liberalisation of the Insurance sector and more broadly about the financial sector in his first memorial lecture here.  It was essentially a question of public ownership versus private ownership or more broadly the balance between State and Market.  We have moved from social control over banks to nationalisation in 1969, competition between public and private sector since 1990, combination of public and private ownership in public sector banks, and now the issue of privatisation has been flagged.  This is one example of changing contours of State and Market.   ”



He further added “The rhetoric of economic policies has changed and the presentation has changed; the style has changed, but the substance remains the same.  The reform which was consensus based in the past is now agenda based.  There is greater emphasis on implementation, a determined effort to bring about fundamental changes which were already envisaged.

However, the task ahead is complicated by the fact that building institutional framework for a modern middle income country, replacing contact based system with contract based system, is time consuming and complex.  At the global level, the trend towards globalisation has been stalled at a time when India wants to take advantage of globalisation.  There are more uncertainties in regard to global economic order than ever before.  Yet, India has a better standing in the global investment community than before, with prospects better than most of the developing World.  The sense of optimism about the future is more in India than most other countries. ”


Mr. R. Ganapathi, Sr. Vice President, SICCI, Mr. M. Ganapathi, IPS (RETD) Former Secretary, MBA, GOI, Mr. K S Sripathi IAS (RETD) Former Chief Secretary, GOT, and  Mr. Ar Rm Arun, Vice President, SICCI were  also present.

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