Department of Economics at Shiv Nadar IoE, Delhi NCR Commemorates its First Decade with Panel Discussion on ‘India: Marching Towards 100’

Greater NOIDA: Shiv Nadar Institution of Eminence, Delhi NCR, recently hosted a panel discussion titled ‘India: Marching Towards 100’, analyzing India’s journey up the economic power scale by 2047. Organized by the Department of Economics of Shiv Nadar Institution of Eminence, Delhi NCR, the event featured a robust discussion on the long-term perspective of India’s much anticipated economic growth and aspects of how to create a more equal society. Mr. Montek Singh Ahluwalia, Former Chief of the Planning Commission was the keynote speaker, and the discussion was chaired by Dr. Rajat Kathuria, Dean for the School of Social Sciences, Shiv Nadar IoE.

The discussion focused on what will make India a developed economy by 2047, an aspiration shared by the government and all citizens alike. The panel discussion brought together experts including Dr. Pronob Sen, Former Chief Statistician of India, Dr. Achin Chakraborty, Professor and Director, Institute of Development Studies, Dr. Arup Mitra, Professor, South Asian University and Dr. Partha Chatterjee, Professor and Head, Department of Economics, Shiv Nadar IoE. The panel exchanged insights and views about India’s path to becoming a developed economy. The panel also deliberated on aspects of human capital development and issues related to climate change. It suggested pathways to that goal and also pointed out the pitfalls to avoid.

During his keynote address, Mr. Montek Singh Ahluwalia, Former Deputy Chairman, Planning Commission and noted Economist said, “I congratulate the Department of Economics at Shiv Nadar IoE for completing 10 years. Having reached a milestone of 75 years of independence, India is at the cusp of witnessing unprecedented economic growth in the next 25 – 30 years. However, it would be unrealistic to assume that India would record a sustained growth of 7 to 7.5% per cent without putting policies in place to navigate fiscal challenges. This will be key for the Indian economy to become a ‘developed nation’ by 2047. To do so, it will have to navigate real challenges by redefining slogans into targets that then mobilize people into debate about how to realizing the propositions.  Else the slogans remain mere as slogans”. He further added that areas of specific import to India are “climate change and agriculture.”

“My fear lies in the fact that there will be a lot of effort for public resources, however, unfortunately fiscal challenges will hold us back. If we can’t do that much by simply spending money, then we ought to do as much in changing policies.” Added Mr Ahluwalia.

Dr. Rajat Kathuria, Dean of the School of Social Sciences, Shiv Nadar IoE said, “I thank Mr. Ahluwalia as well as our esteemed panelists who have taken out their precious time to share their views during this immersive discussion. Given the current world economic scenario, there are only a few bright spots. However, India’s growing middle class is expected to drive an unprecedented surge in demand. This, in turn, will drive a surge in private and government expenditures as well as attract the highest levels of foreign direct investment.”

The panel discussion brought together diplomats, academia, and students who engaged with guests through a robust round of questions and shared views on the expected scale of expansion of India’s GDP.

Dr. Partha Chatterjee, Professor and Head, Department of Economics, Shiv Nadar Institution of Eminence, Delhi-NCR, said, “A heartfelt thank you to everyone for joining us this evening to celebrate 10 years of the Economics Department. Over the past 10 years, our department has made tremendous strides in advancing the study of economics and its applications to real-world problems. From the cutting-edge research being conducted by our faculty, to the innovative teaching and learning taking place in our classrooms, our department has established itself as a leader in the field of economics. As we look back on the past decade, we are proud of the many accomplishments of our students, faculty, and staff. We are also grateful for the support of our partners and friends, who have helped us to achieve our goals and build a vibrant community of economics scholars.”