Former RBI Governor Rangarajan Applauds CUTS' Role In Promoting Free Trade & Competition

New Delhi, Feb 8 (KNN) Former Reserve Bank of India (RBI) Governor, Dr. C. Rangarajan, praised CUTS for its impactful role in promoting free trade and fostering competition.

During a fireside chat with Pradeep S Mehta, Secretary General of CUTS International, the discussion focused on the theme ‘Growth Prospects of the Indian Economy.’

Reflecting on India's economic history, Dr. Rangarajan highlighted the significance of the 1991 trade reforms, which prioritised liberalisation and aimed to dismantle regulatory barriers.

“The 1991 reforms acted as a landmark in India’s economy as it aimed towards knocking down the licence raj, re-defining the state’s role and giving up import substitutions in order to embrace world trade and compete with the world market,” he opined.

According to the Former RBI Governor, modern technology can be leveraged along with the increase of employment by identifying relevant sectors which are labour-intensive.

Mehta contextualised the discussion within the framework of the Indian government's vision of Atmanirbhar Bharat, emphasising the balance between self-reliance and global engagement.

He highlighted the principles of South-South cooperation and the emerging focus on North-South collaboration in research and advocacy.

Furthermore, Pradeep S Mehta provided an overview of CUTS, tracing its evolution from a consumer organisation to an influential advocate for international trade and public policy. Dr. Rangarajan commended CUTS for its commitment to consumer welfare and recalled his longstanding association with the organisation.

The session concluded with a vibrant Q&A session involving over 100 participants, both in-person and virtually. Attendees posed questions on various economic issues, including skill development, government privatisation plans, and broader economic concerns.

(KNN Bureau)