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There is a need for encouraging research and building resources in applied econometrics, according to Prof. K. L. Krishna, former Director, Delhi School of Economics.
In his inaugural address at an international conference on applied econometrics at the Icfai Business School here on Friday, he said the growth of applied econometric research has significantly contributed to better understanding of economic phenomena.
``The findings from these empirical studies have substantial policy implications in the real world,’’ he said.
Compared to earlier period when there was lack of training in econometrics, many institutes and colleges were offering higher studies in the discipline, he added.
Earlier, Prof J Mahender Reddy, Vice-Chancellor of the IFHE University, welcomed the gathering, according to a release.
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