The RBI Chair Unit, Department of Applied and Analytical Economics at Utkal University, organised a two -day national conference on institutional finance and economic development here from Friday.

The conference, attended by scholars from economics from across the country, aimed to facilitate discussions and exchanges on crucial topics in the realm of finance and economic development.

The inaugural session was presided over by chief guest, Professor Sudhakar Panda. Professor Mitali Chinara, Head of the Department, and the convener of the conference delivered the welcome address.

Professor BK. Bhoi, the chief organiser and head of the RBI Chair, introduced the theme of the conference, laying out the focal points for discussion and deliberation.

A highlight of the inaugural session was the keynote address by MS Sahoo, former Chairperson of the IBBI, who spoke on the topic "Stress Resolution Mechanism in India."

Sahoo emphasised the need for a clear alignment between policy objectives and instruments. Drawing parallels with economic theory, he highlighted the evolution of insolvency laws, particularly the Insolvency and Bankruptcy Code (IBC) as a dynamic process shaped by practical experience and market conditions.

Stressing the primary objective of the code to rescue struggling firms, the speech underscored the challenges posed by unprecedented events such as the Covid-19 pandemic, necessitating pragmatic adaptations like the suspension of insolvency proceedings during certain periods.