Report by Viju Mangalore and Pics by Dayanand Kukkaje

Mangalore, Feb 12: A globalized economy with increased specialization can lead to improved productivity and faster growth. Thus there is a need for a balancing mechanism to ensure that the handicaps of the developing countries are overcomes, said chairman economic advisory council to the prime minister C Rangarajan. He was delivering the convocation address at the 24th annual convocation of Mangalore University held at the university premises on Saturday.

One of the fears associated with globalization is insecurity and volatility. When countries are inter-related strongly, a small spark can start a large conflagration. Panic and fear spread fast, said Rangarajan, adding that the downside to globalization essentially emphasizes the need to create countervailing forces in the form of institutions and policies at the international level.

Speaking on the India’s response to globalisation, Rangarajan said that opting out of globalization is not a viable choice for India. “We need to stay and win. What is needed is to evolve an appropriate framework to wrest maximum benefits out of international trade and investment,” said Rangarajan

Eminent scholar and researcher in Kannada, Tulu and folklore Prof Amrut Someshwar and noted educationist and statistician B Nanjamma Chinnappa were conferred Doctor of Letters (DLit) degrees and legal luminary as well as Supreme Court former judge Justice N Santhosh Hegde was conferred Doctor of Law (LLD) by chancellor T N Chaturvedi.

Fifty-one research scholars were awarded with doctoral degrees, while a total of 81 students were given gold medals and cash prizes.

Mangalore University vice-chancellor K M Kaveriappa, registrar Sunder Naik, members of the syndicate and academic council were also present on the dais.