Bhubaneswar: The RBI Chair Unit at Department of Applied and Analytical Economics of Utkal University organised a ‘National Conference on Institutional Finance and Economic Development’ at the PG Council Hall of the university in Bhubaneswar Friday.
The two-day conference was attended by scholars from economics from across the country, giving them an opportunity to discuss and exchange ideas on crucial topics in the realm of finance and economic development. The inaugural session featured guests and scholars from various sectors.
A highlight of the inaugural session was keynote address by MS Sahoo, former chairperson of the The Insolvency and Bankruptcy Board of India (IBBI), who spoke on the topic ‘Stress Resolution Mechanism in India.’ Sahoo’s speech emphasized the need for a clear alignment between policy objectives and instruments. Drawing parallels with economic theory, it highlighted the evolution of insolvency laws, particularly the Insolvency and Bankruptcy Code (IBC), as a dynamic process shaped by practical experience and market conditions.
Emphasizing the primary objective of the code as that of rescuing struggling firms, the speech underscored the challenges posed by unprecedented events such as Covid-19, necessitating pragmatic adaptations like the suspension of insolvency proceedings during certain periods.
Concluding on a forward-looking note, Sahoo advocated for a balanced approach to corporate distress, promoting proactive measures to prevent failure and emphasizing the code’s role in facilitating economic resilience and renewal. “Sahoo’s insights and expertise promise to provide valuable perspectives on navigating challenges in the financial landscape,” said a professor in attendance.
“The National Conference on Institutional Finance and Economic Development at Utkal University represents a unique opportunity for scholars, practitioners, and stakeholders to come together, exchange ideas, and chart a course for sustainable economic growth,” he added.
Arindam Ganguly, OP
