‘Deccan Dialogue’ focusses on economic diplomacy

Union Minister of State for External Affairs VK Singh on Sunday sought to highlight the changing paradigm of diplomacy driven by an economic agenda.

Addressing the day-long ‘Deccan Dialogue: Conference on Economic Diplomacy for Development’, hosted by the Ministry of External Affairs and the Indian School of Business here, the Minister said, “The Deccan Dialogue initiated for the first time will play a role in shaping the economic agenda. Like the Raisina Dialogue and the Delhi Dialogue, I expect the Deccan Dialogue to make a difference.”

“In a networked, interconnected, flat world, in a large democracy like India, where States are competing with one another in a cooperative federal set-up, the only factor driving this is the larger economic development agenda,” he said.

‘Steady growth’

“The country’s economy is growing at a steady pace and is now in a position to attract huge foreign direct investments. It is time we built on these strong attributes. Reforms have come to stay and are, in fact, an ongoing process aimed at accelerating the growth of the economy and generating jobs for youth,” Singh added.

The Minister lauded the contribution made by the services sector in the country to the economy and in the creation of jobs, but cautioned against excessive dependence on the sector. “In fact, it is the manufacturing sector that has the potential to create jobs in a big way and we need to lay special emphasis on this,” the Minister said.

Data processing

ISB Dean Rajendra Srivastava said, “The world has changed. We now talk about data as the new oil.” Citing a recent study by McKinsey, the Dean said data is growing at a hectic pace.

Referring to the move to make the Aadhaar card mandatory for some services, which is under the consideration of the Supreme Court, Srivastava said it could be a game-changer in the way various services are delivered to citizens.

BusinessLine is the media partner for the event.

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