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MANGALORE: Dr M. Govinda Rao, Director of National Institute of Public Finance and Policy, has said that macro-economic stability is essential for the economic growth of the country.

A press release by the Justice K.S. Hegde Institute of Management said here on Friday that Dr Rao was delivering a lecture on `Emerging issues in Indian economy' at Nitte in Udupi district on Thursday.

Quoting Dr Rao, the release said that Indian economy performed well in the last couple of months despite the steep increase in oil prices. He attributed this to the operation of the macro-economic stability mechanism.

Dr N.K. Thingalaya, Chairman of the Academic Council of the institute, was present on the occasion.

(This article was published in the Business Line print edition dated October 8, 2005)
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