Hyderabad, Nov 21: The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) in association with the Indian Institute of Economics organised an open House Discussion on 'Coping with Financial Melt Down'.
FAPCCI President Suraj Prasad Agarwal, said yesterday the immediate challenge will be to continue with economic reforms, striking a balance between financial stability, price stability and maintaining growth rates.
Chairman, Economic and Civic Affairs Committee, Laxmi Prasad Agarwal, stated that the economic recession causes significant decline in economic activity spread across the economy lasting for certain period. ''In our country, it may affect the country's overall economic activities, including investment, employment, scarcity etc.
It has also an effect on prices, sharp increase in respect of commodities. When the recession continues for a longer period, it brings about economic depression, whereas complete breakdown in economy is known as economic collapse,'' he said.
Dr S K Rao, Director General, Administrative Staff College of India shared his views on Current Global Economic Crisis and the Indian Economy. The inherent instability lies in the capitalist system but market forces are important for a dynamic growth. However some regulation and control is required.