"The Asian economy has much to offer to the globe. The Asian continent has a demographic advantage being home to a young, skilled and productive work force. Secondly, the continent boosts of a pool of natural resources which needs to be tapped to give impetus to its manufacturing," said General (Retd) Dr. Vijay Kumar Singh, Minister of State for External Affairs, Ministry of External Affairs and Minister of State (Independent Charge), Ministry of Development of North Eastern Region, Government of India.
He was speaking at the inauguration ceremony of the 4th edition of the Global Economic Summit on the theme "Asia: Powering Global Markets" jointly organised by MVIRDC World Trade Centre and All India Association of Industries. The Summit shall facilitate guidelines and policy frameworks for Asia to grow and prosper as a continent, Dr. Singh said.
He further said that the technical expertise required for any manufacturing or service industries are intrinsic in the Asian continent. "The combination of a demographic base coupled with access to natural resources and technological expertise inherent in Asia makes it the centre piece of the globe. However, the Asian developmental model lacks access to quality infrastructure, education and health.
"The answer to its shortcomings lies in global integration by encouraging international trade and investment. However, trade protectionist policies of major economies of the continent possess trade barriers. There is a pressing need to revisit the global trade regime to create equal opportunities for all economies to benefit from global trade and growth."
Outlining the path for the Indian economy, Dr. Singh said that India is gradually picking up from its sluggish growth prospects witnessed recently. It is of paramount importance to note that manufacturing sector is the strength of any economy which needs to be revived. The Government of India needs to revive its manufacturing sector through government intervention, incentives, subsidies, tax holidays and availability of funds.
Secondly, India needs to raise its agricultural productivity. Self sufficiency in agriculture ensures food security for all besides being a support base for the manufacturing industry. Also, the progress of the service sector is a barometer of growth for the Indian economy, he said.
END