The world is gradually emerging from the worst economic downturn since the Great Depression. There is, however, scepticism about sustenance and rate of growth, said Shri S. V. Narasimhan, Director (Finance), Indian Oil Corporation Limited, while chairing the guest lecture on ‘Economic Recovery, Global & Indian : Real or Temporary’ by Prof. B. B. Bhattacharya, Vice Chancellor, Jawaharlal Nehru University (JNU) on December 16, 2009 at New Delhi.

Prof. Bhattacharya, in a detailed analysis, traced the genesis of the economic downturn, its ripple effects and slow return to positive growth. He spoke of the trends in major economies, both developed and developing, and also commented on the possible impact on India of the recent Dubai financial crisis.

Prof. Bhattacharya, stressed on better global fiscal management and inculcation of moral values as opposed to greed. If financial discipline does not improve at the highest level, we should not be surprised if there is another downturn in 2016, he added.

A Ph.D. in Economics from Delhi School of Economics, a UNESCO Fellow at Polish Academy of Sciences and Ford Foundation post doctoral fellow at the University of California, Berkeley, Prof. Bhattacharya was earlier Director and Professor at the Institute of Economic Growth for over two decades.  He specializes in macro economics, monetary economics, public finance, planning and development and international finance. He has published ten books and over 100 papers in various national and international journals.  His latest book is on Macro Economic Reforms: Growth and Stability.  He has held, and still holds, a large number of distinguished positions in eminent organisations.

The interest in his lecture was evident from the extended Q&A session.