Daijiworld Media Network—Mangalore (CN)

Mangalore, Mar 8: Prof B V Raghunandan, SVS College, delivered a special lecture on ‘US Recession and Its Impact on Indian Economy’ as part of the ‘SJEC-MBA Special Lecture Series’, conducted by the department of business administration, St Joseph Engineering College, Vamanjoor, recently.  

Prof Raghunandan identified reducing sales and profits, increasing unemployment, hesitation of new investment, reducing government revenue, and gold replacing dollar as reserve currency, as the main causes of recession.

He added that excessive use of credit derivatives like collateralized debt obligations (CDOs), and credit default swaps (CDSs) by US banks contributed to that country’s financial crisis. 

Prof Raghunandan stated that the current recession has not affected Indian businesses much except for some of the export-oriented units. He urged the management students to become entrepreneurs and develop socially-relevant business as recruitment by companies has declined.

The professor termed the current recession as being beneficial to India as it will stop the mad spree of westernization, recognize the bigger role of government, and question the utility of derivatives.

Director of SJEC Fr Valerian D’Souza, assistant director Fr Henry Mascarenhas, principal Dr Joseph Gonsalvis, dean of MBA Dr Prakash Pinto, special lecture co-ordinator Suraj F Noronha and faculty members of the college as well as MBA students were present for the lecture.