The Reserve Bank of India has instituted a lecture series in memory of late Shri
L.K. Jha, who was Governor of the Reserve Bank of India from July 1, 1967 to May
3, 1970.
Shri Lakshmi Kant Jha was a many-sided personality who excelled in several walks
of life. He was an eminent economist, a distinguished administrator, an able diplomat
and a sage counsellor. As a person of great expertise and mature judgement, his
advice was eagerly sought in India and abroad. He served with distinction as Ambassador
to the United States and Governor of Jammu and Kashmir. He was a member of the Brandt
Commission and at the time of his death, a member of the Rajya Sabha. In recognition
of his invaluable services to the Reserve Bank and the nation and to perpetuate
his memory, the Reserve Bank of India has instituted a lecture series styled as
the L.K. Jha Memorial Lectures.
L.K. Jha played a crucial role in giving shape to the country's economic policies
for nearly four decades. With his fine blend of theory and practice and rare pragmatism,
L.K.Jha had an instinctive feel for policies which could work in the Indian context.
At the same time, he conceptualised and articulated forward-looking policies for
dynamic growth of the Indian economy. He had a significant role in shaping the Industrial
Policy Resolution of 1956 which made the concept of mixed economy operational and
provided stimulus for the country's industrial development. As Chairman of the Economic
Administration Reforms Commission, he was responsible for changing the direction
of economic policy towards controlled deregulation as a preliminary step to full
liberalisation. Furthermore, as Chairman of the Indirect Taxation Enquiry Committee,
he made numerous valuable and enduring contributions to the improvement of India's
fiscal system. He effectively pleaded the cause of India and other developing countries
in many international fora and was a highly respected member of the Brandt Commission
which advocated a new world economic order in which the developing countries would
have a more equitable share.
Popularly known as 'LK', Lakshmi Kant Jha was born in Darbhanga district of Bihar
on November 22, 1913. He graduated from Benaras Hindu University and Trinity College,
Cambridge, UK. At Cambridge he was a student of renowned economists like Pigou,
Keynes and Robertson. He joined the Indian Civil Service in 1936. After serving
in Bihar in the districts and in the Provincial Secretariat, he was seconded to
the Government of India in 1942. He worked successively as Deputy Secretary in the
Supply Department, Chief Controller of Imports and Exports, Joint Secretary in the
Ministry of Commerce and Industry and as Secretary, Ministry of Heavy Industry.
He was India's Principal Representative at the meetings of the General Agreement
on Tariffs and Trade (GATT) and was its Chairman in 1957-58. He became Secretary,
Department of Economic Affairs in the Ministry of Finance in 1960 and was appointed
in 1964 to the newly created post of Principal Secretary to the then Prime Minister
Lal Bahadur Shastri. Subsequently, he continued in the same capacity under Prime
Minister Smt. Indira Gandhi.
From July 1, 1967 to May 3, 1970, L.K.Jha held the office of the Governor of the
Reserve Bank of India. As Governor of the RBI, he contributed towards strengthening
the banking sector. He attached more importance to the developmental role of the
Reserve Bank in enhancing growth prospects of the economy. He left the Reserve Bank
of India in May 1970 to take over as Ambassador of India to the United States. When
the Bangladesh War broke out in 1971, L.K.Jha effectively presented the Indian viewpoint.
In 1973, he was appointed Governor of Jammu & Kashmir, and in 1977, a member
of the Brandt Commission. As its Deputy Chairman, he played a major role in giving
shape to its two reports in 1979 and 1982. On return to Delhi in 1981, he was appointed
as Chairman of the Economic Administration Reforms Commission. From 1986 till his
death, he served as a member of the Rajya Sabha from his native state of Bihar.
L.K.Jha was an ardent supporter of liberalisation, a process which has gained momentum
in recent years. He took the view that although liberalisation may temporarily bring
in its wake adverse terms of trade, in the long run, it would lead to increase in
exports and greater competitiveness in the economy.
Of the several books written by him, mention may be made of 'Economic Development
: Ends and Means', 'Shortages and High Prices : The Way Out', 'Economic Strategy
for the Eighties - Priorities for the Seventh Plan', 'The North-South Debate'. 'Growth,
Inflation and Other Issues', 'India's Economic Development: A Critique', and 'Mr.
Redtape', a satirical comment on bureaucratic procedures. His writings cover a wide
range of topics. Many of them relate to credit, banking, monetary policy and international
payments which are of direct concern to a central banker. Besides, they also deal
with various aspects of economic development in the Indian context, viz., industrial
growth, efficiency in industry, planning process, economic strategies, public sector
autonomy, etc.
L.K.Jha's expertise in the economic field was recognised not only nationally but
also internationally. He was the first Indian Chairman of GATT. He was also Chairman
of the U.N. Group of Eminent Persons on Transnational Corporations, member of Interim
Coordinate Committee of the International Commodity Agreement and a member and later
Deputy Chairman, of the Brandt Commission. He argued for a new economic order and
laid emphasis on strengthening the international institutions which in his view
could contribute immensely to the betterment of development countries.
L.K.Jha passed away in Pune on January 16, 1988 and remained fully committed to
his work to the very last.
Shri L.K. Jha Memorial Lectures delivered so far:
Sr.No. |
Lecture Series No. |
Delivered by
|
Subject
|
Date
|
1. |
18. |
Prof. Lawrence H. Summers,
President Emeritus of Harvard University |
Global Economic Possibilities for Our Children |
September 26, 2023 |
2. |
17. |
Shri N.K. Singh |
Fiscal Federalism: Ideology and Practice |
November 22, 2019 |
3. |
16. |
Professor Hélène Rey,
London Business School |
National Monetary Authorities and the Global Financial Cycle |
December 14, 2018 |
4. |
15. |
Prof. Vijay Joshi, Emeritus Fellow,
Merton College, Oxford |
India’s Economic Reforms: Reflections on the Unfinished Agenda |
December 11, 2017 |
5. |
14. |
Prof. Kenneth Rogoff,
Harvard University, USA |
Policy Debates
in the Aftermath of the Financial Crisis |
December 17, 2013 |
6. |
13. |
Mr. Tharman Shanmugaratnam |
Achieving
Inclusive Growth: The Challenge of a New Era |
September 27, 2012 |
7. |
12. |
Prof. Maurice Obstfeld |
Gross Financial Flows,
Global Imbalances, and Crises |
December 13, 2011 |
8. |
11. |
Prof. John Brian Taylor |
Lessons from the Financial
Crisis for Monetary Policy in Emerging Markets |
February 24, 2010 |
9. |
10. |
Mr.Jean-Claude Trichet |
The growing importance
of emerging economies in the globalised world and its implications for the international
financial architecture |
November 26, 2007 |
10. |
9. |
Prof. Lawrence H. Summers |
Reflections on Global
Account Imbalances and Emerging Markets Reserve Accumulation |
March 24, 2006 |
11. |
8. |
Prof. Martin Feldstein, |
Budget Deficits and
National Debt |
January 12, 2004. |
12. |
7. |
Prof. Willem H. Buiter |
Targets, Instruments
and Institutional Arrangements for an Effective Monetary Authority |
October 16, 2000 |
13. |
6. |
Dr. Donald T. Brash |
Inflation Targeting:
Is New Zealand's Experience Relevant to Developing Countries? |
June 17, 1999 |
14. |
5. |
Mr. Rubens Ricupero |
Globalisation, Hot
Money and the Seach for Profitable Investment: Is the East Asian Crisis a Global
Crisis? |
July 17, 1998 |
15. |
4. |
Mr. William J. McDonough |
Strengthening the Financial
Marketplace |
December 5, 1996 |
16. |
3. |
Mr. Andrew Crockett |
Capital Market Innovations:
Challenges and Opportunities |
February 20, 1995 |
17. |
2. |
Mr. Jacob A. Frenkel |
The Strategy of Economic
Adjustment |
November 30, 1992 |
18. |
1. |
Mr. Robin
Leigh-Pemberton |
Economic Liberalism,
Central Banking and the Developing World |
October 16, 1990 |
|