- Maharashtra Economic Development Council organized the 19th Dr. D. R. Gadgil Memorial Lecture on 15th October 2024 at Main Auditorium, Y. B. Chavan Centre, Gen. J. Bhosale Marg, Nariman Point, Mumbai – 400021.
Under the leadership of MEDC President Shri. Atul Shirodkar, MEDC organized the 19th Dr. D. R. Gadgil Memorial Lecture to commemorate the memory of its founder President on 15th October 2024 at 3 p.m. to 4:30 p.m. at the Main Auditorium, Y. B. Chavan Centre, Gen. J. Bhosale Marg, Nariman Point, Mumbai – 400021. The lecture achieved huge success with footfall of 350+, 3 supporters, and 2 EsteemedSpeakers.
The Maharashtra Economic Development Council (MEDC), 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 the vital issues pertaining to socioeconomic development of Maharashtra
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% 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 people.
He also mentioned about 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 5thfive year plans. Dr. Subramanian stated that on an average India has been growing at a rate of 7% and a growth rate of 8% is a stretched goal. He noted that considering 8% growth and 5% inflation the growth in nominal terms will be 13% and calculating depreciation at 1% it will be 12%.
He spoke about an eightfold growth of the Indian economy. Citing examples from Japan he shared how India can achieve the growth of 8%. He also stated that to achieve this ambitious target, the economy should be formalized 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 5th largest economy it should focus on generating wealth, entrepreneurship and should invest more in research and development. He placed heightened emphasis on wealth generators, citing his own example as they drive the economic growth by creating jobs and employment.
Mr. Sundararaman Ramamurthy, MD and CEO Bombay Stock Exchange (BSE Ltd.) had set the tone of the lecture.
During his speech, he emphasized 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, consumption. As the consumption increases; the industry and manufacturing sector and subsequently the GDP also increases which ultimately is ‘Sabka Vikas’. He shed light on the growing role of capital markets, entrepreneurship and benefits of listing of SMEs on stock exchanges.
He stated that 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.
Ms. Sheetal Panchal, Director General, MEDC addressed the gathering and hosted the memorial lecture.
Mr. Madhav Bhagwat, MEDC State Committee Chairman for Environment & Climate Change, delivered the welcome address. He noted the role of MEDC in the socioeconomic development of Maharashtra state and discussed about 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, strong judicial leadership are some of its strengths.
MEDC had announced and unveiled the logo and teaser of it upcoming Global Entrepreneurs Conclave 2025at the hands of Dr. Krishnamurthy Subramanian which will be organised in Pune in association withGarje Marathi Global (GMG) and Pimpri Chinchwad Education Trust (PCET), Pune. All the dignitaries along with conference ConvenorShri. Sachin Itkar, Vice President, MEDC; Shri. Girish Desai, Executive Director, PCET, Shri. Madhav Dabke, Director, GMG, Shri. Vijay Talele, Director, GMG and Shri. Sagar Babar conference administrator unveiled the Conclave brochure.
Ms. Ujjwala Haware proposed a vote of thanks to esteemed dignitaries, MEDC Governing board members and she also thanked NABARD.
