The Union Finance Minister Pranab Mukherjee said that rapid growth of emerging market economies in Asia has been a noteworthy feature of the global economy in recent years.
The Union Finance Minister Pranab Mukherjee said that achieving broad-based, inclusive and sustained growth is of paramount importance. The Finance Minister said that growth which is not inclusive and does not ensure equity across different sections of population has the potential to give rise to conflict and disharmony. Specific policies aimed at improving resource distribution, access to education and health care facilities, among many others, are imperative for most Asian societies, the Minister added.
The Union Finance Minister Pranab Mukherjee said that sustaining high growth is equally important. He said that spurts in growth followed by stagnation will not deliver the desired results, For this, Mukherjee said that it is vital for Asian economies to successfully transform their growth from being resource driven to high-skill and productivity-driven. The Finance Minister Mukherjee said that we have set-up a National Skill Development Council (NSDC) and a National Innovation Council and have decided to observe the current decade (2010-2020) as the “Decade of Innovation.” seeking to facilitate India’s transformation into a knowledge-and skill-based economy.
The Union Finance Minister Pranab Mukherjee was making the opening remarks while Chairing the first Panel discussion on the theme of “Realising the Asian Century” of the Eminent Persons Forum organised here today to mark the Commemoration of India-ADB 25 Years Partnership. Earlier the Union Finance Minister Pranab Mukherjee declared the Eminent Persons Forum open.
The Union Finance Minister Pranab Mukherjee said that rapid growth of emerging market economies in Asia has been a noteworthy feature of the global economy in recent years. Led by China, India and several other Asian countries, this dynamism makes Asia the world’s most vibrant region contributing close to 50 per cent of world growth, the Minister added. Mukherjee said that Asian countries have transformed themselves from primarily agricultural and resource based economies to industrial and increasingly services based economies in less than half a century. This remarkable journey continues great momentum, the Minister added.
The Union Finance Minister Pranab Mukherjee said that despite sustained high growth, Asia is not on autopilot mode and would require careful steering and direction. He said that policy makers have the onerous responsibility of shaping the path to make the Asian Century a reality. The opportunities are immense and the challenges formidable, the Minister added. He said that with growing economic weight, comes greater responsibility. Mukherjee said that Asia’s growth trajectory and economic policydecisions are likely to have a profound effect on the global economy. It is, therefore, important that Asia grows responsibly and in a more inclusive manner, the Minister added.
In this context, the Union Finance Minister Pranab Mukherjee said that he would like to take this opportunity to highlight some aspects of India’s development experience which may be of relevance to the rest of Asia.
Source: caymannewsservice.com , 17 October 2011