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Globalisation at our pace: PM

Our Bureau

NEW DELHI, Dec. 5

THE Prime Minister, Mr Atal Bihari Vajpayee, has asserted that external liberalisation of the economy would be implemented ``in a manner and at a pace that is consistent with our national needs.''

In his inaugural address at an international conference on `Globalisation and Democracy', jointly organised by Inter-Parliamentary Union and the Federation of Indian Chambers of Commerce and Industry (FICCI), Mr Vajpayee said that while external liberali sation was an integral part of India's economic reforms, the pace and manner of its implementation should be determined by the concerned country itself.

``This we believe is the democratic right of every nation,'' the Prime Minister said, while underscoring the need for globalisation to acquire a human dimension, with its objectives to be made consistent with democratic principles of

economic, social and gender justice and balanced development of all regions, races and communities.

``No one can now dispute that democracy had now become a global idea and a global ideal. Democracy had been globalised, but has globalisation been democratised ?,'' he queried, even as he called for a redefinition of the objectives and reorientation of t he priorities of globalisation.

Mr Vajpayee further pointed out that although the country's democracy could be enriched by harnessing the full potential of globalisation, ``globalisation was yet to demonstrate that it was of the people, for the people, and by the people''.

He observed that the Government and the business community would have to work in close partnership to demonstrate to the people that globalisation worked for their good and economic reforms would make their lives better.

``We shall succeed in our reforms initiative to the extent that we can build popular support around them,'' he added.

According to Mr Vajpayee, globalisation had not met with enthusiastic acceptance from all the people all over the world mainly on account of ``our failure to cast globalisation in a democratic mold.''