Developing Asian countries well-equipped to deal with recession – Pranabh Mukherjee

Developing Asian countries well-equipped to deal with recession – Pranabh Mukherjee

Mangalore Today News Network

Manipal, May 26, 2012: Delivering the inaugural address after inaugurating the 2-day national seminar titled “Twenty-first Century as the Asian Century: Role of India and China” organized by the Manipal Centre for Asian Studies at Manipal on Saturday, Pranabh Mukherjee, the union finance minister, said that Asian emerging economies are better equipped than the world’s other emerging economies to withstand yet another global economic recession.

 

 

Stating that the current global situation presents unique opportunities, he said that a crisis such as the one the world is now witnessing enables us to note our deficiencies, re-orient our policies, and re-define our priorities.

Speaking about the challenges before India, he said that a major challenge is to devise ways in which growth and development can benefit the poorest people in India. Referring to poverty and inequality as the greatest challenges facing Asian emerging economies, he said that GDP growth in developing countries must accompany measures to satisfy the aims to the youth as well as to provide social security to the aged. The need of the hour is proper investment and utilization of funds in health, skill development, and education sectors.

He said that the 21st century can be made the Asian century if the gap between developing and advanced Asian countries can be eliminated. While advanced Asian countries maintain their economic status, opportunities must be created for developing countries to prosper and catch up with the advanced countries, he suggested.

Ramdas M. Pai, chancellor of Manipal University; Dr. Ramnararyan, vice chancellor; Dr. Arvind Kumar, head of the Department of Asian Studies; and many others also took part in the seminar.