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NE potential for economic turnaround

(L-R) Gyan Bhushan, Lalthara, Dr. Kaushik Basu and Dipak Dasgupta at the workshop on ‘Indian Economy and Economic survey’ on Monday. (NP)
Correspondent KOHIMA, JUNE 6 (NPN):
Published on 7 Jun. 2011 12:41 AM IST
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Chief Economic Advisor, Ministry of Finance Dr. Kaushik Basu on Monday said northeastern states including Nagaland was a potential place for special magical economic turnaround with prevailing unique trait which was yet to be defined.
The economic survey often done in metros was carried out in the northeast region since the region has unique traits, Dr. Basu said while delivering the keynote address at the one day workshop on ‘Indian Economy and Economic survey’ sponsored and organized by Exim Bank at directorate of industries and commerce, conference hall.
The unique trait among the people of the region was yet to be defined, he said while citing the example of gender equality, quality of trust and trustworthiness, low infant mortality rate and the fast growing literacy rate surpassing the national figure.
The region has more advantage as compared to the parts of the country owing to intensive use of English as the medium of education, he said.
Indian Foreign Exchange Reserved remained at around 5 billion US dollars for 40 years but with the reforms India had adopted, it now shot up to 300 billion US dollars putting India among the fastest growing economy of the world and only next to China, he said and felt the ever escalating inflation rate as well as corruption needs to be checked.
Chief Secretary Lalthara in his special address in the first session stressed that people need to first think whether economic growth was for the betterment of the society and advocated to opt for a green economy.
Keeping in mind the fragility of the soil in Nagaland, Lalthara believed activities such as mining has to be undertaken at a slow pace without defacing the nature. He however, consented that oil extraction may be acceptable.
In the second session, Dipak Dasgupta, Principal Economic Adviser, Ministry of Finance, Government of India addressed on the theme of the workshop which was followed by another interactive session and questions and answer followed by vote of thanks proposed by Shongly Litting, Regional Head, Gauhati Office, Export-Import Bank of India.
The workshop was moderated by David Sinate, General Manager, Export-Import Bank of India who also gave the welcome address earlier.

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