Excelsior Correspondent
JAMMU, Nov 10: The Department of Economics, Central University of Jammu, organised a panel discussion on the topic “India’s Economic Surgical Strike – An Assault on Corruption and Black Economy” at TAB Sainik Colony, Jammu here today.
At the outset Prof R L Bhat introduced the panellists and the topic of discussion. Prof Bhat highlighted that corruption and black money threatens the political, social and economic fabric of country. As per world bank report 2010 India’s shadow economy grew from 20.7% of GDP in 1999 to 23% in 2007. He further stressed that the main reason for persistently high inflation rate in India is black money and it badly hits the wage earners, fixed income groups and honest middle and lower income groups. If demonetization is to be a success then it has to be supplemented by measures like check on real estate and gold acquirements.
Prof A N Sadhu, an economist explained how this economic surgical strike has caused inconvenience to some sections of society in the short run and its possible benefits in the long run to curb terror finance, counterfeit currency, parallel economy and shadow economy.
Rakesh Gupta, president CCI Jammu, deliberated that this economic surgical strike is going to boil down the rising competition in the real estate sector as it is hugely financed by black economy. He also commented on the fact that the senior citizens of our society who hoard money should be given some relief from the possible bad consequences of this economic surgical strike.
Prof Dipankar Sengupta, an economist from University of Jammu stressed on the possible contraction of aggregate demand due to this economic surgical strike and urged that Government should enhance the investment particularly in the infrastructure sector.
Anil Bhat, a journalist from PTI praised the efforts of Prime Minister in restructuring the economy. He also explained how the disturbing elements in the country use black economy to radicalise the youth, spread naxalism and terrorism.
After the presentations made by the experts, there was an open discussion. Students, Research Scholars and faculty members of different departments raised many questions regarding pros and cons of this economic surgical strike. The questions were answered by the panel experts.
The formal vote of thanks presented by Mrs Preeti Gupta, Assistant Professor, Deptt of Economics and Dr Shaveta Kohli, Assistant Professor Deptt of Economics, conducted the proceedings.
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