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India is expected to reach the ranks of supremacy in world economy, provided there is enough watchover, said Dr. Sundar Ramaswamy, Director, Madras School of Economics, had this message while delivering the Dr. P V Raghavan endowment lecture at the D G Vaishnav College, Chennai, recently.
Ramaswamy, renowned for his achivements in the field of economics, dwelled on the decade- old reforms in India in a topical lecture to students on the possibility of India becoming an economic superpower. Quoting the Brick Commitee report, which says India would attain supremacy in the global economy by 2050 followed by China and others, Ramaswamy, however, maintained that unless there was enough watchover, this will remain a far cry.
Ramaswamy had some words of caution when he pointed out the neglect of crucial areas like the Panchayati Raj system, agriculture and the social sector. These were the main reasons for the stagnation of the economy and the near bankruptcy situation in the early 90s. He was particularly critical of the way globalisation was imposed on the country when local enterpreneurs, private and public, weren unprepared to handle the stiff competition expected from their foreign counterparts. In order to achieve better results in the country's economy, Ramaswamy urged a creative mix of the market and the State.
Commenting on course options in the educational institutions of the country, Ramaswamy regretted that economics was less preferred as a career course but said it still solicited considerable response in places like Delhi and Kolkata and an overwhelming response in Europe and the US.
Students and faculty members from various colleges and educational institutions attended the lecture.
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India could top the world economy by 2050
