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Dr. Balasubramaniam delivering the keynote address at SDM IMD
Mysuru: For the first time in its history, the World Bank which always believed that GDP, income and economic growths are the only solutions to the global problem, had the courage to come out and acknowledge that may be that is not the right approach and formally, in the global space, agreed that surely it needs to focus on the human capital, said Dr. R Balasubramaniam, Founder, and Chairman of GRAAM, Mysuru.
Delivering the keynote address after inaugurating a two-day international conference on “Economic Growth and Sustainable Development: Emerging Trends” organised by Shri Dharmasthala Manjunatheshwara Institute for Management Development (SDM IMD) at its premise, he said, “World Bank promised that its narrative will not be just GDP but shall be looking at people and human capital. The world narrative is no longer accepting the economic growth at all.” He also mentioned that the definition of sustainable development needs to be relooked into.
He also threw light on the key managerial issues and economic problems prevailing in the country with special reference to the tribal communities. He drew up the threats and challenges to sustainable development and opined that ecological crisis, societal crisis, and crisis of self are the barriers to inclusive sustainability. He considers inequities in the distribution of wealth as a hurdle to the path of progress. He also strongly argued that sustainable development cannot be achieved only with economic development.
N R Parasuraman, Director of the Institute, elucidated the brewing economic turmoil and inconsistent growth across the world. He also expressed his concerns on underdeveloped financial instruments in the market like derivatives, hedge equities in India which have led to underdevelopment of the economy.
The two-day conference will deliberate on 157 research papers related to various emerging issues of growth and sustainability and is being attended by over 200 delegates from not only across the country but also from foreign countries.
