Thursday, October 30, 2008

Globalisation in India

Globalisation in India:
As economies globalise and integrate with each other, little thought has been paid to its political fall outs or on the free movement of professionals across borders, Prime Minister Manmohan Singh said Monday.
'When we talk of globalisation or on a border less world, the focus has largely been on the movement of goods, capital and, largely, financial and logistical services,' the prime minister told a seminar on globalisation here.

'There is as yet no framework for the movement of people,' he told the seminar, organised by the Federation of Indian Chambers of Commerce and Industry (Ficci) where the speakers included Nobel laureates Amartya Sen and Joseph E. Stiglitz.
According to Manmohan Singh, even in a globalised world, states do have a role to play especially in basic education, public health and medical care, even as the private sector can bring prosperity to entrepreneurs and workers.

'While economists have paid attention to economic consequences of globalisation and the management of economic globalisation, not much attention has been paid to the politics of globalisation and its political management,' he said.
'The UN could have been a political instrument of managing globalisation, but so far it has not succeeded. It will not be able to succeed unless it reforms as an institution and its own management is more democratic and more representative.'

'Globalisation must deliver on its promises to the poor and disadvantaged, most of whom live in the developing world,' said Commerce and Industry Minister Kamal Nath, at the seminar - 'Making globalisation Work: An India Perspective'.
'In order not to discredit itself, globalisation would have to squarely address sustainable development and poverty reduction,' he said, adding global rules for trade did not appreciate the adverse impact of rapid liberalization.

He said for India this aspect was at the core of the ongoing global trade talks, coupled with the need for fair trade by substantial and effective reductions in agricultural subsidies and protection provided by the developed countries.

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