A Two-day National seminar on Globalisation and liberalisation of Indian Economy - Its impact on Punjab, was recently or ganised by the Department of Business Management of the Punjabi University. In his opening remarks, the Vice-Chancellor, Dr. Joginder Singh Puar stressed the need for experts to discuss the new policy in detail.

The focus of discussion at the seminar was on structural adjustment problems and prospects, trade and industrial policy changes, financial and marketing services reforms, import and export policy changes, GATT and Dunkel proposals.

Inaugurating the seminar, Punjab Chief Secretary, Mr. A.S. Chatha, said that the new economic policy had improved India's credibility in the international market . He urged the people to come out from the narrow mindset and think globally.

Although there was a little resistance and hesitation to the concept of liberalisation in the state, but economic reforms and structural readjustment would have to be made, he said.

Mr. Chatha said that under the new economic order, service sector would provide facilities to people for a price and not free or on subsidy as earlier used to be - health , irrigation, educational, power and other such sector. In agriculture sector there would be

need to produce food products which has acceptance in the global market. There would also be a need of technological and human upgradation in industrial sector to provide it a competitive edge in the international market Stress

was on for improving the lot of human material, he added.

In his keynote address Prof. J.D. Agarwal, Director, Indian Institute of Finance, Delhi, expressed the hope that Punjab could acquire the economic and industrial strength of Japan or South Korea. He hoped that by the turn of century Punjab’s economy would be a vibrant one and the annual growth rate of 12 percent would be achieved. Efficiency of the system would also be improved bringing about a greater competitive environment domestically. Since the new economic policy made a total shift towards reliance on market, the industrialist of Punjab should take advantage of the reforms process and set up new units to industrialise the Punjab economy at a faster rate , he said.

Dr. B.S. Bhatia, Professor in the Department of Business Management and Director of the seminar, said that during the past two year political and economic atmosphere in the country had undergone a perceptible change and stabilization and structural reforms had become the guiding principles of industry and trade. New economic policy will improve quality of goods in domestic market and make our industry competitive at the global level, he said.

Mr. Rajan Kashyap, Secretary, Finance, Punjab stressed the need for improving human resources. He said that globalisation and liberalisation would end the monopolistic hold over the economy and increase accountability. He quoted figures to emphasise that the economic reforms were working to the advantage of the country and India was poised to play a meaningful role in the world economy.