New Delhi: The Centre for Jawaharlal Nehru Studies, Jamia Millia Islamia in collaboration with Indian Council of Social Science Research (ICSSR), New Delhi organized an International Conference on “Global Economic Crisis, Macroeconomic Dynamics, Development Challenges of Developing Economies”.
Prof. S.M. Sajid, Vice-Chancellor, Jamia Millia Islamia, in his presidential address observed that the global economic crisis had impacted every common man in India and raised questions of accountability and transparency that were prerequisites for better governance across the world. He hoped that the economists and financial experts would devise mechanisms, by way of safeguards, to protect the interests of a common man.
The Inaugural Address was delivered by Prof. Manoj Panda, Director, Institute of Economic Growth, Delhi.
Prof Manoj Panda, while delivering inaugural address, repudiated the notion that financial markets of developing countries and developed world stood decoupled. He attributed the crisis to the deep structural inadequacies. He referred to global saving glut and the existing energy-consumption gap between the two worlds. He argued that the financial crisis brought opaqueness in the financial system heavily dependent on the innovation in financial products.
Prof. Shahid Ahmed, Director, Centre for Jawaharlal Nehru Studies, Jamia Millia Islamia introduced the conference theme. He highlighted the fact that despite emerging countries posting high growth rates continue to be home to poor and marginalized people. The present crisis impacted this segment of the society very adversely and welfare states are unable to reach out to people due to resource crunch. High energy prices, rising food prices, increasing resource gap, fluctuating exchange rate and dismal international scenario have adversely affected budget allocations to education, health and other socially relevant segments of these economies. He emphasised that the market and governance failures have led to the most pressing financial, economic and employment crises of today’s world.
The two-day conference had participants from different parts of the world. There were representations from academia, policy makers and students both from developed and developing countries. Forty research papers were presented in nine technical sessions. The panel discussion was one of the highlights of this international conference.
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