Recession a passing phase

CHANDIGARH, Nov 30: Recession is a temporary phenomenon,and no recession lasts for more than three years, Prof A.M. Khusro today stated while addressing the valedictory session of Management Development and Special Training Programme at the Centre for Research in Rural and Industrial Development CRRID, here today.

He stated that India has seen only fluctuating phases of growth and that the phenomenon of recession came to India through linkages. The main anxiety before the government was not reducing fiscal deficit, but reframing the economy. Despite a fall in revenues, government is trying to enhance expenditure by 35 per cent, particularly in the building and insurance sector, in order to accelerate growth, he added.

Prof Khusro said there was need to modify norms as per the recession. The special training programme which was organised by CRRID and was conducted for senior officers of Bank of India concluded today.