Economics area and Eco Chamber (the Economics club of BIMTECH) organized a panel discussion on the topic on Indian Economy Beyond Covid-19 on August 26, 2020. The discussion was conducted by an esteemed panel of experts – Dr. N.R. Bhanumurthy: Vice- Chancellor, Dr.B.R. Ambedkar School of Economics (BASE) University, Bengaluru, Dr. Amir Ullah Khan: Professor, MCRHRDI of Government of Telangana and Mr. Mukesh Butani: Founder and Managing Partner, BMR Legal and was moderated by Dr. Pooja Misra, Area Head Economics, BIMTECH. The talk was also joined by Dr. Harivansh Chaturvedi Director (BIMTECH), Dr Anupam Verma Deputy Director & Dean Academics, Dr. K.C. Arora, Dr Jagadish Shettigar and Dr Pooja Misra.
The event started with an introduction from Dr. Monika Jain, Professor BIMTECH which was then followed by an introduction speech from Dr. Jagadish Shettigar. In the introductory speech Dr. Shettigar elaborated about the current economic situation. The major points on which the panel deliberated on were: the extent of the damage or the cost to the economy because of the pandemic, analysis on various monetary and fiscal measures initiated by the Reserve Bank of India and government. Is there any evidence of green shoots in various segments of the economy indicating hopes of revival at least post festival season?
The Covid-19 impact on the Indian Economy seems far reaching and is pushing it into a recession, first time in over four decades. There is likely to be a contraction in the GDP by 5-10% as estimated. In the discussion Dr. Bhanu murthy stated the in the Indian rural sector India signs of green shoots are visible. The economy is also faced with a situation of increased government expenditure and reduced tax revenue along with rising NPAs. Dr. Khan stated that World trade is experiencing a decline and the same is expected to continue for sometime now. He also discussed on the importance of ensuring the the Government continues to focus on sustainable development goals. Mr. Butani elaborated on the position of the Non-Performing Sectors in the country and recapitalization of banks. There are some silver linings that can be seen like increased digital usage, which has improved governance and increased tax compliance. People should adapt to changes and upskill themselves as there are new opportunities being created in every industry. There are also some policy challenges which were discussed by Dr. Bhanumurthy along with probable solutions. His idea of the revival of the Indian economy sooner than later was very interesting.
The Vote of Thanks was given by Dr. Anupam Verma, Deputy Director & Dean Academics BIMTECH, wherein he summarized the discussion alongside thanking all members.
The discussion with the esteemed panel members was extremely informative for all the students as it gave deep insights into the current state of the Indian Macro economic scenario. The discussion was a huge success with around 450 participants from both 1st Year and 2nd Year students of BIMTECH and was a unique and insightful event in itself.