International - India & World

India-China growth paradigm hailed

SINGAPORE: Many Asian countries “will benefit” from the present political paradigm of India and China “continuing to transform their economies.”

Striking this upbeat note at the inaugural session of the first-ever Asia-Pacific ‘Pravasi Bharatiya Divas’ (PBD) here, Singapore Prime Minister Lee Hsien Loong said, “The Indian diaspora is well-placed to help India go global.”

Minister for Overseas Indian Affairs Vayalar Ravi emphasised that India’s “vision is an integrated Asia, in which the benefits of cooperation far outweigh the costs of competition.”

And, the 30-million strong overseas Indians, spread across 110 countries, were known for their roles in the development of the states they now belonged to or resided in, he said.

Suggesting that Asia must impose its “imprint on the governance and regulation of markets” in view of the current financial crisis across many countries, Mr. Ravi said India possessed “resilience to weather the storm.”

As a liberal democracy, India had learnt to “combine the virtues of [market] regulation and freedom.”

Mr. Lee set the tone for what turned out to be a reality check, during the conference sessions, on the current global economic scene.

“Globalisation has meant that equity markets from Mumbai to Shanghai, as well as Tokyo, Hong Kong, and Singapore have been hit by the events in Wall Street. We must prepare for a rough ride at least over the next year, and quite possibly longer.”

‘PBD Singapore,’ being organised under the joint auspices of India and the City-State, has brought together hundreds of participants from 20 countries, according to Vijay Iyengar, chairman, Singapore Indian Chamber of Commerce & Industry.

This 84-year-old chamber and the Confederation of Indian Industry, represented at this conference by K.V. Kamath as also Tarun Das and others, are the co-hosts.

Official Singapore’s active association with the conference was heightened by the participation of the City-State’s President, S.R. Nathan, a high-profile person of Indian origin, at an evening function. Mauritius Prime Minister Navinchandra Ramgoolam participated in several sessions.

Besides the present global financial crisis, the non-official discussions covered various themes — future scenarios of India’s next generation, India-China ties, including the border issue, science and technology, tourism and hospitality, and banking.

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