Asia to play a major role in global revival: Montek Singh Ahluwalia

Planning Commission Deputy Chairman, Dr Montek Singh Ahluwalia said this at the launch of the book Indias Strategic Interests in Southeast Asia and Singapore by Ambassador See Chak Mun in New Delhi on February 11.

Pointing out that the book has come at a very significant time when the world is going through a financial crisis and Asia is likely to play a major part in the global revival, Dr Ahluwalia said, Global crisis is likely to strengthen ties between Asian nations.
He said that there is going to be a restructuring of global financial system which was till the crisis operating from New York and Washington. The global crisis, he added, has proved that the highly sophisticated global financial system too could fail.

There is going to be much greater decentralization of financial and economic resources in the world and more financial systems will come up in future, Dr Ahluwalia said. There will be intensification of intra-regional flows and as Asian nations - China, India and East Asia as a bloc - will play a major role in the revival of global financial system, integration between these nations will increase, he observed.

Mr N K Singh, Member of Parliament, Rajya Sabha, added Asian nations should play an important and catalytic role in global revival. He pointed out that Asian nations like China, Japan and India have huge foreign exchange reserves and thus they should lead the charge in changing from export-led strategy to consumption-led strategy. This, according to him, would be a major step towards bringing about a revival in global financial system.
The session was moderated by Mr Tarun Das, Chief Mentor, CII, who welcomed the distinguished guests and introduced them to the audience.