Guest lecture on Current Economic Scenario

The department of economics organised a guest lecture on ‘Current Economic Scenario’ for the students of economics of both UG and PG courses on 25^th January, 2020. The speaker for the lecture was Professor Pranab Banerji who has been a professor of Economics at Indian Institute of Public Administration and Lal Bahadur Shastri National Academy of Public Administration, Mussoorie. He has been a Visiting Professor at the Centre of Economic Studies  and Planning, Jawaharlal Nehru University, New Delhi and Guest  Faculty at IIM Rohtak, NTPC Business School Noida, RGIPT (under Ministry of Petroleum) and School of Planning and  Architecture , New Delhi.

Prof C.R.Bishnoi, head, Department of Economics, felicitated Prof. Banerji. In his lecture, Prof.Banerji discussed the current state of Indian economy and why the year 2019 witnessed the slowdown of Indian Economy. According to him, the fall in the rate of growth of GDP (Gross Domestic Product) of India affected the overall performance of the economy. He provided insight into the theory of macroeconomics which can be studied to determine how the changes in the components of aggregate demand- consumption, investment, government expenditure and exports, can affect the growth of GDP. Decrease in consumption of consumer goods and automobile goods are causing unemployment, further decline in profits and capital formation are causing fall in investments. All of this is also creating uncertainty in the financial market. The other have been decline in the incomes of farmers and increase in the educated unemployment, income inequalities and stagnation of income of middle class. Also decline in exports and government spending are affecting aggregate demand in the economy.

In the interactive session with the students, Prof. Banerji also discussed some solutions to combat slowdown, which are- creation of job opportunities, consumption of basic consumer goods to increase overall consumption and investments in the economy.

This lecture threw light on the current status of Indian economy and it made all the students aware of reasons behind it in a clear and effective manner.