The Hindu Business Line : Rise of India, China should not worry the West: Manmohan

STRONGER ASIA: The Director of London School of Economics and Political Science, Mr Howard Davies, presenting a memento to the Prime Minister, Dr Manmohan Singh, at the LSE Asia Forum in the Capital on Thursday. — Kamal Narang

New Delhi , Dec. 7

The Prime Minister, Dr Manmohan Singh, on Thursday suggested that the London School of Economics (LSE) must study the growth dynamics in Asia and their implications for the world economy.

Inaugurating the LSE's third Asia Forum, Dr Singh also said that the rise of Asian industrial economies should not worry the West as a dynamic Asia could power global growth and provide new opportunities for growth for Europe and North America.

"The most important development of the 21st century must be the rise of Asia. China has already trebled its share of world GDP over the past two decades and India has doubled it. Both these giant economies of Asia are bound to regain a considerable part of their share of world gross domestic product that they had lost during the two centuries of European colonialism," he said.

Dr Singh said that Japan would continue to be at the top in the foreseeable future and that the newly industrialising economies of East and South-East Asia would also grow, even if not at rates that was witnessed in the past two decades.

The Prime Minister also highlighted that the rise of these Asian industrial economies would alter the balance of income distribution at the global level.

"It is essential that the West should come to terms with the consequences of the rise of Asia. One of the re-assuring aspects of the on-going growth process is that it is more orderly. Just as the world accommodated the rejuvenation of Europe in the post-war period, it must accommodate the rise of new Asian economies in the years ahead," he said.

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