The 12th Five Year Plan will offer three scenarios on which the economic growth trajectory will depend, said Planning Commission Narendra Jadhav on Saturday.
“In the 12th Plan that will be approved by National Development Council on December 27, we have drawn three scenarios. The first is, if we successfully implement all economic reform policies, a growth rate of 8.4% is possible. The second scenario is if the economic reforms is done half-heartedly and implementation is not proper. In that case we may achieve a growth rate of 6 to 6.5%. Lastly, if no reform policies are undertaken, we may see less than 5% growth rate in the coming year,” said Jadhav.
Dr Jadhav, addressing the convocation ceremony at the Symbiosis International University as chief guest, drew a parallel with the current economic challenges and the problems India had faced in 1991. He said, “India in 1991 was in a big economic crisis. But we took up the challenges and turned them into opportunities for economic reform. That is how liberalisation, privatisation and globalisation came to India opening up more avenues for young entrepreneurs.”
“You will face a lot of challenges in future. But always remember you can turn every challenge into an opportunity,” said Dr Jadhav in his address.
A total of 4,241 diploma, graduate, post graduate and PhD students from seven faculties were given degrees at the convocation.
Dr Jadhav, had a word of advice for the students. “Never become a high-IQ moron,” he said.
“Today’s graduates are tomorrow’s responsible citizens,” he said and urged students to be a socially conscious even in a corporate world and asked them to never forget their social commitment to give something back to society.
“One of the biggest problems today is that successful individuals have all the world news but no idea what is happening in their home or country. I call them high-IQ morons. And I urge all the students here never to become a high IQ moron and always be aware of ground realities,” said Jadhav, concluding his speech.