Bengaluru, (DHNS): Former prime minister Dr Manmohan Singh on Wednesday said the country needs social and economic policies which will be judicious mix of high rate of economic growth and a strong measure to end economic inequalities.

The renowned economist said that the liberalisation process initiated by him as Union Finance minister between 1991-94 and as Prime Minister between 2004-14 were guiding vision behind economic reform. “I must confess that the process is still incomplete. We need social and economic policies which will be a judicious mix of high rate of economic growth and a strong measure to end economic inequalities,” Dr Singh said.

He was speaking after inaugurating the first academic session of Bengaluru Dr B R Ambedkar School of Economics (BBRASE) at Ambedkar Bhavan here.

“Development planning and the Planning Commission were designed to ensure that while our economy grew, inequalities did not grow. With the abolition of the Planning Commission, fresh efforts have to be made to keep inequality under control,” Dr Singh said.

Former RBI governor Dr C Rangarajan, who spoke on the ocassion, observed that the government should have discussion with people and industrialists to know impediments for reduced investment rate in the country at present.

Referring to the slow growth of country’s economy at present, he said: “Speedy implementation of stalled projects, quickening the pace of credit by commercial banks and an intimate discussion with people and industrialists are needed to know impediments for reduced investment rate.”

Dr Rangarajan stated that there was a lot of concern over slow pace of economic growth at present. “ Investment is an act of faith in future. We need to create a proper investment climate for resurgence of economy,’’ he observed.

Chief Minister Siddaramaiah explained the reasons behind the state government’s decision to establish the economics school.

Higher Education minister Basavaraj Rayareddy, Industries ministers R V Deshpande, Urban Development minister Roshan Baig, Public Works minister H C Mahadevappa, Bengaluru Development minister K J George, Social Welfare minister H Anjaneya, Home minister Ramalinga Reddy, former Union ministers M Veerappa Moily and K H Muniyappa, KPCC president G Parameshwara were present.