By Our Correspondent
BHUBANESWAR: The Alumni Association of the Department of Analytical and Applied Economics, Utkal University organised the 3rd Prof. Bidyadhar Misra Memorial Lecture in virtual mode. Padma Bibhushan Dr. Y.V. Reddy, Former Governor of the Reserve Bank and the Chairman of the Fourteenth Finance Commission was the Chief Speaker in the lecture. He spoke on the topic “Centre State Relations: Reviews and Prospects”. The virtual discussion was attended by 270 participants from academia and policy circles.
The Alumni Association of the Department of Analytical and Applied Economics holds a regular lecture series in memory of the founder of the Department Prof. Bidyadhar Mishra. This year’s lecture was the third in series to deliberate on contemporary policy issues. The lecture was started with the welcome address by Prof. Mitali Chinara, Secretary Alumni Association. The context was set by Prof. Sabita Acharya, Vice Chancellor, Utkal University who remembered the achievements of prof. Bidyadhar Mishra as a notable economist and policy critique of Odisha. Prof. Sabita Acharya also highlighted the gravity of crisis the economies of India and Odisha are going through in the times of the ongoing pandemic. Taking forward the discussion, Prof. Y. V. Reddy gave an overview of the political economy of the economic federalism in India and said that given more authorities and options for resource mobilisation, the centre has a historic role in supporting the state government for addressing their economic problems.
Dr Reddy discussed the constitutional provision regarding the centre state relationship. Giving an overview of this relationship over the years, starting with the Nehruvian era, he highlighted its changing dynamics and significance. The role of Finance commission in achieving a vertical and horizontal balance was also brought out. He mentioned that the abolition of the Planning Commission actually reduced the scope for federal coordination between the centre and the state.
In response to a query on whether building new institutions will be helpful for dealing with crisis situations like the ongoing pandemic, Dr Reddy stressed that it is important to utilise the existing constitutional provisions rather than instituting fresh institutions. A good coordination between the centre and the states ensures a smooth pace of development of the states, he mentioned.The meeting ended with the concluding remarks by Dr. Subhas Kumar, President Alumni Association and Dr. Himanshu Sekhar Rout gave the formal vote of thanks.
