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Comment: Asia - Eastern Billions Can Still Join the World |
| Source: |
web.worldbank.org |
| Source Date: |
Tuesday, January 04, 2011 |
| Focus: |
Electronic and Mobile Government, Citizen Engagement, Internet Governance
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| Created: |
Jan 11, 2011 |
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A comment published in the FT by Infosys former chief executive Nandan Nilekani writes: “Globalization in 2011 may look like an orphaned cause, as governments put domestic concerns over global growth. But in coming decades it will become widely accepted again - because it offers complementary benefits to both east and west.
The transition of both India and China from rural economies to service and manufacturing powerhouses has moved the locus of global growth. This is often taken in the west as a signal for caution. Instead it should be recognized as a series of new opportunities. .. Demographically challenged rich countries can bring workers from India, or outsource work to it.
Today, labor productivity in India and China is growing at more than five times the global rate. In combination with a further rise in affordable labor this will see goods and services for developed market consumers remain cost-competitive - an especially important factor in a year like 2011, as growth in incomes worldwide begins to slow. Emerging Indian and Chinese trading markets will also soon aid the global movement of capital. This trend will only intensify as the ageing west demands higher returns on pensions and other investments - returns only emerging markets can provide.
Even greater opportunities will come from an explosion in Asian consumption. This year China will continue to invest in infrastructure, while Indian spending on highway networks and urban corridors is beginning to take off too. …
Perhaps the most unpredictable factor, but also that which holds greatest promise, is the impending global movement of technology and ideas. India and China face huge challenges in building livable cities, managing climate change, and delivering governance and services on a huge scale. These also need to be tackled quickly, so both countries are seeking solutions that can be rapidly deployed, and are scalable, frugal and energy-efficient. This offers major opportunity for developed and developing nations to exchange ideas. In time, solutions built for developing countries will be applied back in the industrialized world - a new cycle of innovation that can drive the next phase of global growth. …” [Financial Times/Factiva]
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Comment: Asia - Eastern Billions Can Still Join the World A comment published in the FT by Infosys former chief executive Nandan Nilekani writes “Globalization in 2011 may look like an orphaned cause as governments put domestic concerns over global growth But in coming decades it will become widely accepted again - because it offers complementary benefits to both east and west
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