FB   
 
Powered bysps
        Society for Policy Studies
 
 

 
India calls for new global partnership to stimulate flagging economic growth
Updated:Oct 5, 2017
 
Print
Share
  
increase Font size decrease Font size
 
By Arul Louis
 
India has called for a new global partnership to stimulate the weak economic growth through long-term investments in critical sectors and enhancing trade.
 
The global economic recovery is only progressing slowly and growth is weaker than expected while risks persist, Ashish Sinha, a First Secretary in India's UN Mission, told the General Assembly committee dealing with economic and financial matters on October 5.
 
In this scenario, there was great need for a renewed global partnership to promote longer-term investment, including foreign direct investment, in critical sectors such as transportation, agriculture, energy, infrastructure, and information and communications technology, he said.
 
“Policies for enhancing economic growth and growth inducing investment should be our top priority,” he said.
 
In July, the World Bank projected the global growth rate for this year to be just 2.7 percent, marginally up from last year's 2.4 percent.
 
Sinha said, “The new partnership should also identify effective mechanisms to mobilise additional resources for financing sustainable development.”
 
He recommended trade liberalisation and integration into the global economy as a way to spur growth in developing countries citing the case made by Arvind Panagariya, the former vice chairperson of the Niti Aayog, in his keynote address to the committee.
 
“Open trade is a means to create employment and contribute to achievement of SDGs (UN's Sustainable Development Goals) through greater economic activity and revenues,” he said. “Developing countries derive significant benefit from an open, fair, rule based, predictable, and non-discriminatory trading and financial system.”
 
He gave an assurance of India's support for a multilateral trading system with the World Trade Organisation (WTO) “as the cornerstone.”
 
“India believes that multilateral negotiations such as those envisaged under the Doha Development Agenda (DDA) are aimed at addressing existing inequities in the trading system and must be given high priority,” he said.
 
The DDA the WTO negotiation launched in Doha in 2001 aimed at lowering trade barriers and revising trading rules to mainly benefit developing countries.
 
Sinha said that additional measures such as improving rural infrastructure were needed to help integrate rural households into world markets.
 
 
 
 
Print
Share
  
increase Font size decrease Font size
 

Disclaimer: South Asia Monitor does not accept responsibility for the views or ideology expressed in any article, signed or unsigned, which appears on its site. What it does accept is responsibility for giving it a chance to appear and enter the public discourse.
Comments (Total Comments 0) Post Comments Post Comment
Review
 
 
 
 
spotlight image Since Prime Minister Sheikh Hasina assumed office again in Bangladesh in 2009, bilateral relations between New Delhi and Dhaka have been on a steady upward trajectory.
 
read-more
  Nearly 58 per cent of the about 600,000 Rohingya refugees in Bangladesh are children who suffer from severe malnutrition, a UN report released said.
 
read-more
A unique and passionate gathering of acrophiles, or mountain lovers, took place in neat and picturesque Aizawl, the capital of Mizoram state in north-eastern India in September.
 
read-more
India’s foreign policy under Prime Minister Narendra Modi has attained a level of maturity which allows it to assert itself in an effective manner. This is aimed at protecting the country’s national interests in a sustained way.
 
read-more
With over 100 incidents of braid chopping reported in different parts of Kashmir, there is widespread fear and anger among the people.
 
read-more
According to the National Bureau of Statistics, China's GDP expanded 6.9 percent year on year in the first three quarters of 2017, an increase of 0.2 percent above that of the corresponding period of last year.
 
read-more
As political roller coasters go, there is none as steep and unpredictable as the one shared by the United States and Iran.
 
read-more
In West Asia, the end of one war paves the way for the next. Raqqa, the Syrian capital of the self-styled Islamic State (IS), has fallen to a coalition of rebels, the Syrian Democratic Forces that is backed by the United States.
 
read-more
On “Defining Our Relationship with India for the Next Century”
 
read-more
Column-image

Title: The People Next Door -The Curious History of India-Pakistan Relations; Author: T.C.A. Raghavan; Publisher: HarperCollins ; Pages: 361; Price: Rs 699

 
Column-image

Could the North Korean nuclear issue which is giving the world an anxious time due to presence of hotheads on each side, the invasion of Iraq and its toxic fallout, and above all, the arms race in the teeming but impoverished South Asian subcon...

 
Column-image

Title: A Bonsai Tree; Author: Narendra Luther; Publisher: Niyogi Books; Pages: 227 Many books have been written on India's partition but here is a firsthand account of the horror by a migrant from what is now Pakistan, who ...

 
Column-image

As talk of war and violence -- all that Mahatma Gandhi stood against -- gains prominence across the world, a Gandhian scholar has urged that the teachings of the apostle of non-violence be taken to the classroom.

 
Column-image

Interview with Hudson Institute’s Aparna Pande, whose book From Chanakya to Modi: Evolution of India’s Foreign Policy, was released on June 17.

 
Subscribe to our newsletter
Archive