Former CAG Vinod Rai expresses concern over economic growth

Chairman of Banks Board Bureau and former Comptroller and Auditor General of India Vinod Rai today expressed concern that the country's economy has slipped to six per cent after excellent signs of growth.
"The Indian economy was displaying excellent signs of growth, buoyancy and remarkable resilience but from attempting to reach double digit growth in our GDP, we are sliding back to six per cent," he said speaking at the 18th convocation of Indian Institute of Management-Kozhikode (IIM-K).
He also said it was not enough to be a country having the fourth largest number of billionaires in the world and yet hardly have any globally accepted patents toshowcase industrial or manufacturing muscle.

"Ethical management and leadership is the cornerstone for any successful business enterprise. It should be the mantra as you begin your careers", Rai told the passing out students.
He stressed on the need for students to be change agents to build a robust economy with a good framework for corporate governance and excellence.
As many as 358 students were awarded the Post Graduate Diploma in Management.

In addition, 97 students from the first batch of Executive Post Graduate Programme (EPGP) from IIMK's Satellite Campus in Kochi, 167 students from EPGP Kozhikode campus and three students of the Fellow Programme in Management (FPM) were also awarded diplomas and fellow titles respectively, a release from the IIM-K said.

IIMK Board of Governors ChairmanDr A C Muthiah in his welcome address said this year was a special for the institute as it entered the 20th year since its inception.
"Though we feel stress and strain as an adolescent, our commitment towards quality education aids us to remain focused and thereby achieve excellence as enshrined in our fundamental duties," the release said.