IMPHAL, January 11: For the first time ever in the Northeast, a landmark discussion titled “Asia Rising: Implications for the World Economy” was organised at ITA Centre For Performing Arts , Machkhowa on Tuesday, January 10 with two outstanding figures as speakers, Nobel Laureate, Joseph Stiglitz, Professor of Economics at Columbia University and distinguished economist and author, Lord Meghnad Desai.
The afternoon warmed up as the remarkable discussion between the two leading economists began and they presented their views on the economic rise of the Asian giants, India and China and the roles these countries have to play in the global balance of economic power, stated a press release of the Tattva Creations.
Opening the discussion in response to Lord Meghnad Desai, Stiglitz said,“The failure of deregulation in the West led to so much of the problem. There has been growth, but a lot of people have not benefitted from the growth.”
He further said “What GDP doesn’t talk about is what happens to every citizen.”
He emphasised the need for countries to preserve their natural resources. “Assam is lucky to still have a lot of natural resources. It can promote eco-tourism to a great extent” Stiglitz also said. With regard to sustaining the growth rate of India and China’s respective economies, Stiglitz said “There is still a very big gap in per capita income. The knowledge gap is closing very rapidly but there is still 20-30 years to go before the growth rate can be sustained.” Talking about the IMF, Stiglitz significantly said “The IMF has changed to addressing issues of inequality. But rural economy does not find representation in IMF.”
Responding to a question on whether popular movements against governments across the world, and especially the crusade against corruption in India led by Anna Hazare was an indication that systems of governance need to change, Stiglitz said “I think there is a serious need for change. Governments are not working as they should. And it’s not just corruption. There is a need to change policies and we need greater involvement of civil society towards bringing about changes.”
Commenting on the role of civil societies in an economy, Lord Meghnad Desai said, “I think civil society can play an active role in economics. They can pressurise the governments into framing policies for the betterment of the people.”
After this, the floor was open for interaction between the panellists and the audience. This is the first time that a talk show of this stature and significance has happened in Guwahati. There were students from across the Northeast attending the talk show which was a platform for them to interact with global opinion makers and understand the global responsibilities towards equity. The significant event was wrapped up with a vote of thanks by YFFP co-founder, Mr Gaurav Gogoi.
Gracing the occasion as chief guest was the Chief Minister of Assam, Tarun Gogoi. Joining them on the event was also Anya Stiglitz and Dolly Gogoi, the release added.
At the very onset of the event, Chief Minister, STarun Gogoi and his wife, Dolly Gogoi felicitated Mr and Mrs Stiglitz and Lord Desai after which Shantanu Thakur, secretary, Sports & Youth Welfare Department, Assam and Cultural Affairs (addl) read out the citation for Prof Stiglitz and Lord Desai on behalf of the Chief Minister of Assam.
Meanwhile, addressing the gathering, the Chief Minister said, “This is a great moment for us all to have these two renowned economists in our midst, and to discuss the emergence of the two powers –India and China. I feel we in Assam are better off than America as far as the condition of the economy is concerned. We need globalization, but at the same time we need localization. I feel that economics concerns the poor and the downtrodden. Everywhere in the world there is conflict between the rich and the poor. Mahatma Gandhi had said, “There is enough to meet the demands but not enough for man’s greed”.
Present on the occasion was another distinguished guest, Ranjit Barthakur, Investment Advisor to the Chief Minister, Government of Assam, the statement added.
Post this path breaking event in Guwahati, there was an exclusive media interaction with the distinguished panellists in the seminar hall of ITA, Machkhowa.
The event was organised by Youth Forum on Foreign Policy (YFFP) in association with Eclectic Times and the entire event was managed by Tattva Creations – Strategic Integrated Marketing Communications.