The Maharashtra Economic Development Council (MEDC), under the leadership of its President, Atul Shirodkar, successfully organised the 19th Dr D.R. Gadgil Memorial Lecture, to commemorate the memory of MEDC’s founding president, on Tuesday, October 15, from 3 to 4.30 PM, at the Main Auditorium, Y. B. Chavan Centre, Gen. J. Bhosale Marg, Nariman Point, Mumbai.
The lecture achieved huge success with a footfall of over 350, 3 supporters, and 2 esteemed speakers.
The Maharashtra Economic Development Council (MEDC), was founded by Dr. Dhananjayrao Gadgil, eminent economist and former Deputy Chairman of the erstwhile Planning Commission, Government of India. The council acts as an economic think tank for business and industries for the Government of Maharashtra. MEDC is working towards vital issues pertaining to the socio-economic development of Maharashtra.
The 19th Dr D.R. Gadgil Memorial Lecture was delivered by Dr Krishnamurthy Subramanian, Executive Director, International Monetary Fund (IMF), Washington DC, and former Chief Economic Advisor, Government of India on ‘India’s Roadmap to Developed Economy by 2047’.
During his speech, he reiterated India’s stance of India @100, and the importance of startups and entrepreneurship. He emphasised that, for India to achieve a staggering 8 percent growth rate, it needs to transcend beyond the traditional language barriers, and should treat English or learning any foreign language just as a medium of doing business, and focus on enhancing the business acumen of its people.
He also mentioned the Gadgil Formula for allocating central resources, devised by the vice chairman of Planning Commission, GoI, Dr. D. R. Gadgil, which was utilized in the 4th and 5th five-year plans. Dr. Subramanian stated, that on an average, India has been growing at a rate of 7 percent, and a growth rate of 8 percent is a stretched goal. He noted that considering an 8 percent growth and a 5 percent inflation, the growth in nominal terms will be 13 percent, and calculating depreciation at 1 percent, it will be 12 percent.
He spoke about an eightfold growth of the Indian economy. Citing examples from Japan, he shared how India can achieve the growth of 8 percent. He also stated that to achieve this ambitious target, the economy should be formalised, which will lead to increased efficiency and productivity. In case of India, the economic growth that it has achieved has come from external shocks and the upcoming growth will be a catch-up growth.
For India to become a global leader, being the 5th largest economy, it should focus on generating wealth and entrepreneurship, and should invest more in research and development. He further placed heightened emphasis on wealth generators, citing his own example, as they drive the economic growth by creating jobs and employment.
Sundararaman Ramamurthy, MD and CEO, Bombay Stock Exchange (BSE Ltd.), had set the tone of the lecture.
During his speech, he emphasised the growth of capital markets in India and its robust impact on the Indian economy. He stated that by 2047, majority of the population will be in income generating age, i.e. from 18 – 65 years. If the GDP grows by this number, the per capita will also increase, leading to an increase in savings and consumption.
As the consumption increases; the industry and manufacturing sector, and subsequently, the GDP also increases, which ultimately is ‘Sabka Vikas’. He also shed light on the growing role of capital markets, entrepreneurship, and the benefits of listing of SMEs on stock exchanges.
He stated that the lack of knowledge of any foreign language should not be associated with the ability to run a business, and stressed that business acumen is required to run a firm. He also spoke about the growing role of women in business and entrepreneurship.
Sheetal Panchal, Director General, MEDC, addressed the gathering and hosted the memorial lecture.
Madhav Bhagwat, MEDC State Committee Chairman for Environment & Climate Change, delivered the welcome address. He noted the role of MEDC in the socio-economic development of Maharashtra, and discussed its role in the state. He discussed certain challenges and strengths of the Indian economy, while highlighting its strengths like infrastructure spending, younger income generating workforce, and strong judicial leadership.
MEDC had also gotten announced and unveiled, the logo and teaser, of its upcoming Global Entrepreneurs Conclave 2025, at the hands of Dr Krishnamurthy Subramanian, which will be organised in Pune, in association with Garje Marathi Global (GMG) and Pimpri Chinchwad Education Trust (PCET), Pune. All the dignitaries along with conference Convenor Sachin Itkar, Vice President, MEDC; Girish Desai, Executive Director, PCET, Madhav Dabke, Director, GMG, Vijay Talele, Director, GMG, and Sagar Babar, conference administrator, unveiled the Conclave brochure.
Ujjwala Haware, MEDC State Committee Chairman for Infrastructure and Housing, proposed a vote of thanks to the esteemed dignitaries, and to the MEDC governing board members, and she also thanked NABARD (National Bank for Agriculture and Rural Development), and the New India Assurance for supporting the event.
