Institutions impact country’s prosperity, economic development’

Visakhapatnam: Former Judge of High Court of Andhra Pradesh DVSS Somayajulu mentioned that in 18th century, India’s industrial production was higher than the present USA production as better institutions in the US aided in its development.

At a discussion meeting on ‘Contributions of Nobel Prize winners-2024 in Economics: Institutions, Development and Democracy in the Indian context,’ the former Judge said institutions continue to be the supporters of the nation.

Organised by Society for Integrated Development and Research (SIDAR) in association with Dr Lankapalli Bullayya College at its campus on Tuesday, the discussions at the meet were focused on how institutions affect the country’s prosperity and economic development.

Former Judge of High Court of AP DVSS Somayajulu, former Rector of Andhra University Prof A Prasanna Kumar, former Vice Chancellor of Acharya Nagarjuna University Prof V Balamohan Das, former Chancellor of RGUKT Prof KC Reddy, among others, participated as speakers.

Speaking on the occasion, vice president of SIDAR Prof D Harinarayana said that secular colonies attract extraordinary institutions and their quality is directly proportional to the quality of governance. Prof Balamohan Das thanked former Prime Ministers PV Narasimha Rao and Manmohan Singh for bringing economic reforms in the country.

In his welcome speech, Dr Lankapalli Bullayya College Secretary and Correspondent Dr G Madhu Kumar mentioned that it is good to bring back debate and discussion in society at a time when people are drawn to social media platforms.

Sharing his views, Prof Prasanna Kumar stated that ‘fraternity’ is important for a country to prosper. Prof KC Reddy mentioned that institutions are a fundamental cause of long-term economic growth. Apart from the teaching staff, students took part in the programme.