HYDERABAD: Pointing out that it is important to spend on social security schemes like MGNREGS to reduce poverty, former RBI Governor and Chancellor of the ICFAI Foundation for Higher Education, Hyderabad, Dr C Rangarajan on Friday rooted for more reforms.
Delivering a lecture virtually with the theme “Three Decades of Economic Reforms in India”, the renowned economist said that the reforms introduced in 1991 resulted in significant improvement in various sectors.
Speaking on issues related to economic reforms, Dr Rangarajan said that to become a $5 trillion economy, India needs to grow at 9 per cent per annum for the next five years.
Advocating for a more active role of government in health and education sectors, he said as these are among the important sectors of the economy. He was of the view that the Government expenditure on education should be above 6 per cent of GDP and there was a need to focus on efficiency with which the expense is incurred.