The Hindu Business Line : `Globalisation is driving factor'

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New wave of globalisation is imparting fresh dynamism to the developing experience of nations
A strong, stable and economically well-off India would be an asset to the US
The foresight to look ahead for India's place in the 21st century is the need of the hour

Bangalore , Jan. 18

Globalisation is the biggest transforming factor in India-European Union bilateral trade, said Mr Peter Medgyessy, former Prime Minister of Hungary, at the CII Partnership Summit 2007 in Bangalore on Wednesday.

Speaking on `21st Century global outlook', he said India and the EU must accept reforms and changes, and develop knowledge base and skills of their population.

Mr Sanjiv Goenka, Past President-CII, said the new wave of globalisation is imparting fresh dynamism to the developing experience of nations. New paradigms of development are being drawn up, bringing nations closer.

He added that one of the significant factors that has impacted the world economy since the early-1990s is the emergence of countries with large population on the global trading platform.

Dr Ashley J. Tellis, Senior Associate, Carnegie Endowment for International Peace, the US, said that through globalisation economic integration of countries has transcended boundaries; maximum economic growth is the result of transnational integration, he added.

Stating that India and the US share some common goals - political, economic and strategic relations, he said that a strong, stable and economically well-off India would be an asset to the US.

There is a constant effort by both countries to craft a new foundation of trust as they continue to pursue policy matters, he added.

The recent years have been significant in realising India's economic potential, said Mr Jean Burrell, Chairman, MEDEF International, France, in his address.

According to him, the world economy is gathering momentum and success, and new agreements are emerging between trade blocks. Seizing opportunities, investing in emerging economies should be based on bilateral and regional trade agreements, he added.

Mr Richard Lambert, Director General, Confederation of British Industry, UK, said that the event would boost relations between India and the UK further.

Developing countries like India can benefit a great deal from trade liberalisation and added that the tone of the global economy would be dependent on the outcome of the Doha talks next month.

Lord Karan Bilimoria, UK Chairman, Indo-British Partnership Network, UK, said the foresight to look ahead for India's place in the 21st century is the need of the hour.

Though India's turnaround is laudable, the country should look at sustainability. He added that India is embracing NRIs, who are not a brain drain but a brain gain. He also mooted the idea of an NRI advisory council.

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