Rohtak, September 20. ‘For facing the fiscal crisis caused by current account deficit (CAD) due to depreciated value of Indian rupee and import induced inflation, we need to adopt the canons of public expenditure advocated by Dr. B.R. Ambedkar in terms of the faithfulness to the intentions of the will of the people, wisdom as provided by the professionals in the field, coupled with well-considered and honest judgment, and economy in execution. The allocation of public expenditure among competing demands and the manner of utilization fall within the domain of Ambedkar’s canons, which can be seen as a touch-stone to see whether a particular items of public spending is necessary or not ’ said Dr. M.M. Goel, Professor of Economics & Dean, Faculty of Social Sciences, Kurukshetra University while addressing the staff and students of the Institute of Management Studies & Research, Maharishi Dayanand University here today. He was speaking on the topic ‘Managing Global Economic Crisis’.
We need out –of –the- box solutions which increase the propensity to save which increase propensity to invest with multiplier effects for increasing the propensity to serve the society with altruism instead of increasing the propensity to consume by promoting greed through personal loans of various kinds by the banks, believes Professor Goel.
To face the challenges of change and competition, we need good governance as SMART (Simple, Moral, Accountable, Responsive and Transparent) manpower with SIMPLE attributes of human development consisting of six activities such as Spiritual quotient (SQ) development, Intuition development, Mental level development, Love yourself attitude development and Emotional quotient (EQ) development. The synergy of these six aspects is essential requirement of the desirable human resources in the employment market, said Professor Goel who is an author of the book ‘Economics of Human Resource Development in India’.
Earlier Professor Neelam Jain Director IMSAR welcomed & introduced Professor Goel. Dr. Ramphal Assistant Professor coordinated the programme and acted as a master of ceremony on the occasion.