LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
2-min read

Globalisation is here to stay, we Proved Sceptics Wrong, Says Manmohan Singh

While addressing young graduates in Mohali, former PM Manmohan Singh said, "I think globalisaton has come to stay..."

PTI

Updated:September 23, 2017, 1:11 PM IST
facebookTwittergoogleskypewhatsapp
Globalisation is here to stay, we Proved Sceptics Wrong, Says Manmohan Singh
File photo of Former Prime Minister Manmohan Singh. (Image courtesy: PTI)
Loading...
Mohali: Globalisation is here to stay and those who were sceptical about the success of India's "new policies" 25 years ago have been proven wrong, says former prime minister Manmohan Singh.

It was a matter of pride that the broad thrust and direction of economic policies had remained unchanged in the last 25 years, added the renowned economist, considered to be the architect of India's reforms in the early 1990s.

The senior Congress leader was speaking at the 15th edition of the Indian School of Business Leadership Summit 2017 in Mohali on Friday evening.

"All of you know that in 1991, we adopted a new approach for the management of the economy involving progressive liberalisation of both the internal and external economy.

"At that time there were many people who were sceptical about the success of new policies. However, we have proved them wrong," he said.

It was also a period associated with significant growth rate of GDP and a decline in the proportion of people living below the poverty line.

"There are undoubtedly still many challenges, particularly in areas like health, education and environment, and in the pragmatic measures to bridge inequalities of income and wealth. However, the acceptance of the broad approach of liberalisation has come to stay."

Taking a question from the audience, mostly comprising young business graduates, the former prime minister said, "I think globalisaton has come to stay..."

China, he added, has also become a great champion of globalisation.

Singh said India is a land of immense opportunities but does face internal challenges.

"It has a vast market to build long lasting, innovative and competitive enterprises. While as a democratic nation we do face internal challenges for a variety of reasons, the particular advantage of democracies lies in their ability to handle such situations with maturity."

"Authoritarian responses cannot solve the real problems of the people or make life worth living," Singh said, stressing on the promotion of scientific temper, on which India's first prime minister Jawaharlal Nehru laid great emphasis.

He urged the young business graduates to imbibe democratic values in life and in the management of enterprises entrusted to their care.

"You are makers of tomorrow's India. Your creative abilities will greatly influence the place that India occupies in the global economy," he said.

Quoting Nobel laureate Venkatraman Ramakrishnan, the senior Congress leader said, "India currently is using a development model with cheap labour and so it can attract companies for manufacturing based on labour costs. But if we are not careful we are going to miss the boat completely-- because manufacturing is going to become largely automated.

"Ramakrishnan, therefore, suggests that if India has to solve its development problems of poverty, ignorance, disease and unemployment, more emphasis has to be there on science and innovation," Singh said.

The former PM also said that if we wanted to improve the quality of governance, we needed to streamline administrative processes.

"There is a need to improve administrative processes in states like never before," he added.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Sun Pharma 390.75 -8.39
Reliance 1,184.35 4.40
Jet Airways 281.20 -1.44
Yes Bank 198.60 -1.44
HUL 1,744.10 -0.42
Company Price Change %Gain
Sun Pharma 390.75 -8.52
Reliance 1,182.95 4.34
ICICI Bank 371.90 -0.39
Jet Airways 281.35 -1.21
Yes Bank 198.25 -1.59
Top Gainers
Company Price Change %Gain
Reliance 1,184.35 4.40
Wipro 346.15 3.21
Kotak Mahindra 1,240.20 1.66
Hindalco 208.80 1.36
Adani Ports 399.30 1.22
Company Price Change %Gain
Reliance 1,182.95 4.34
Kotak Mahindra 1,237.35 1.41
HCL Tech 964.50 1.02
Asian Paints 1,401.30 0.85
ONGC 146.25 0.79
Top Losers
Company Price Change %Gain
Sun Pharma 390.75 -8.39
Bharti Airtel 311.15 -6.29
GAIL 322.15 -3.08
Larsen 1,317.90 -2.09
HPCL 239.50 -1.92
Company Price Change %Gain
Sun Pharma 390.75 -8.52
Bharti Airtel 310.95 -6.42
Larsen 1,318.25 -2.07
Axis Bank 664.30 -1.77
Yes Bank 198.25 -1.59

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results