‘Indian economy to be world’s second largest by 2050’

Sadakkudulla said that while the continuing worsening global financial market has virtually crippled the world economy, India has been able to weather the storm to a great extent only due its time-tested conservative and semi-closed economic principles.

Referring to the slump in the Indian stock markets, Sadakkudulla said that the index revolving round 10,000 was optimum for the Indian economy as higher value than this was “good only for the greedy and not for the needy.”

The Reserve Bank and the Indian Government, he said, were all set to take pre-emptive measures to contain excess volatility and alleviate the recent transient pressures on the domestic financial markets to increase capital inflows to improve liquidity conditions to ensure domestic financial stability.

Jaspal Singh, Vice-Chancellor, said that the turmoil in global financial market has put a question mark on the wisdom of the predictors of financial world.

Elaborating the concept, he said while the investors have to live with some degree of volatility, the Indian financial managers have to upgrade the risk management system and strengthen the regulatory frameworks to save the small investors from the shock treatment.

Conference Coordinator, Pushpinder Gill said that we need to explore possibilities of reforming the international financial structure in order to stabilise the global economic meltdown as business was all about to manage change in technology, markets, corporate cultures and global environment.

Sunil Gupta, Vice-Chancellor of Himachal Pradesh University, Shimla, was presented PCMA Lifetime Achievement Award by the V-C on the occasion.