Global slump a positive for India: Ex-RBI guv

Cites country saved enormous amount of money on its oil import bill due to fall in global oil prices

Former Reserve Bank of India (RBI) Governor and 14th Finance Commission chairman Y V Reddy believes global slowdown on the whole had a positive impact on Indian economy.

“It has affected the Indian economy, both positively and negatively. However, the net effect has been positive,” he said at the valedictory function of a six-week induction training programme for India Administrative Services (IAS) officers conducted by the MCR HRD Institute here.

Citing the enormous savings India was able to make on its oil import bill due to  fall in global oil prices and other such examples, Reddy said this welcome proposition will result in innumerable beneficial outcomes for the country.

Talking about the nature of All India Services job, Y V Reddy, himself  an IAS officer, said the ultimate success of IAS officers depends not only on their technical and conceptual competencies but also on their people related skills as they need to deal with multiple stake holders, including the elected leaders.

“Considering their high level of intelligence quotient, the IAS officers posses an inherent potential to diversify and enrich their skills to effectively deal with people,” he said.

More than 60 IAS officers promoted from the State Civil Services from thirteen states attended the training programme, according to a statement issued by the institute.