Policymakers should look inwards for sustaining growth process: Baru
HYDERABAD: Former media advisor to Prime Minister Sanjaya Baru has suggested that the next government should take steps to ensure that “our relation with the outside world is defined by the fundamental economic interests of the country”.
Prof. Baru, presently a visiting professor of Lee Kuan Yew School pf Public Policy, Singapore, exhorted policymakers to look inwards for sustaining the growth process for at least a decade, besides ensuring good relations with neighbours.
“We should not be just knee-jerking and say we go by you, whether it is on Iran or any other country. Let them mind their business and we mind ours,” he said.
He was delivering a public lecture on “Geo-political consequences of the global economic crisis” at the Administrative Staff College of India here on Friday. Explaining how developing countries like India were “invited to G-8 and other summits as guests over breakfast”, he said the global financial crisis woke up the western world to the increasing role of India and China and the increase relevance of the two countries.
But China’s position in the global economy was assured while it was not the same in case of India. Question marks still remain on how India would manage its economy and how it would engage the global economy. “China’s share in the global economy is eight per cent while India’s is between 0.6 and 1.2 per cent. We still have a long way to go,” the professor said.
ASCI chairman M. Narasimham in his opening remarks stressed the need for restructuring and reform of the current financial architecture which appeared oligarchic in nature. Several academicians and others were also present.