| Session Highlights |
Mr Sam Pitroda said that globalization creates both challenges and opportunities. He added that the global economy is evolving at a fast pace with the new world order shifting from unipolar to multipolar. Information technology has increased the connectivity resulting in shrinking of the world into a global village.
In his PBD Oration, Prof Kishore Mahbubani said that it is an opportune moment for India to play a more proactive role at the world stage for which India should champion the cause of globalization.
He argued that the Indian economy will benefit immensely from the globalization:
- Globalization resulted in expansion of the economy to over 8.0% in recent years compared to 3.4% per annum during the period 1956-1975.
- It will help in attainment of the Millennium Development Goals (MDG) of UN specially reduction in poverty
- It will mitigate the caste barriers existing in the society
- Will make India competitive
The economic order has changed with the decline of Western dominance in the world and their reluctance to free trade in recent times. Therefore the erstwhile custodians of globalization such as USA and European Union may backtrack from their custodian responsibilities. This presents an ideal opportunity for countries like India and China, the major beneficiaries of globalization, to become the new custodians. He also suggested India to be more vigilant against the world receding into protectionism, which could reverse the trend of globalization.
He admired the resilience shown by the 30 million Indians in succeeding against all odds in over 130 countries in the world. This also highlights the grit, determination and competitive spirit of the Indian community overseas, he added.
He contemplated on how the overseas Indians can help India in championing the globalization. He suggested three ways of doing so (three CoGs, as the acronym for each of the three is CoG): Firstly, by creating a constituency of globalisation in India. Secondly, by fostering a community of globalisers across the world. Thirdly, by managing the challenges of globalisation. All three goals are achievable and within our reach, he added.
To create a constituency of globalisation in India, he urged the key policymakers and opinion makers to visit overseas Indian communities to learn, on a first-hand basis, how well Indians thrive in open globalisation in all corners of the world. The role of the Indian Parliament and Indian media are especially critical, he added.
Summarizing the discussion he pointed out three key observations:
- Firstly, the one country that can benefit the most from the current processes of globalisation is India.
- Secondly, this moment of great promise for India is also a moment of great peril. Unless some country steps in now to provide much-needed global leadership, there could be a major rollback of the processes of open globalisation.
Thirdly, as the greatest beneficiary of open globalisation, India should step up now to provide the critically-needed leadership in this area. However, this can only happen if the Indian Parliament and political class of India can be convinced that this is their natural role to play. Overseas Indian community can play a key role here. |
