Hyderabad, April 15: The noted economist, Dr.C. Rangarajan, has said that the ‘cash transfer scheme’ of the Telugu Desam was practicable if the targeted sections were identified properly.
“Subsidies should reach the common man one way or the other and the cash transfer scheme may be desirable if implemented properly,” he said during a question and answer session at the National Symposium on Global Financial Crisis and Impact on Indian Economy held at the University of Hyderabad on Wednesday.
Dr Rangarajan’s comments may come as a morale booster to the TD chief, Mr N. Chandrbababu Naidu, who has been criticised for proffering an impracticable scheme through his manifesto.
The economist also said some people might have stashed money in foreign banks and it might be possible to get to know their details. According to him, the need of the hour was ‘acceptable capitalism’ with more regulation.
Earlier, addressing the symposium, Dr Rangarajan predicted that the Indian economy would recover from the second half of the current financial year.
The global recession would not have much impact on countries such as India, China and Canada where the financial regulatory mechanisms were strong compared to advanced countries.
However, gross domestic product growth in 2008-09 would be below 7 per cent, he pointed out. Dr Rangarajan also warned that though the economy would recover, the impact of recession would be felt throughout the year.
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