Developing nations, including India, should pro-actively promote globalisation as they will benefit from an open world economy, former Planning Commission Deputy Chairman Montek Singh Ahluwalia said today. He regretted that the narrative of globalisation which was initially pursued by developed nations has changed.
India, China and other developing countries have been dominant beneficiaries of globalisation for the last 20 years, he said, adding that “in my view, if we had done more, we could have been even more beneficiary”.
The statement assumes significance in view of protectionist measures being taken by the developed countries like the US, the UK and Australia which are restricting movement of skilled professionals by tightening visa regimes.
“I am little concern that we tend to borrow the dominant narrative from the west and mindlessly apply to ourselves. We have a stake in not having a retreat from globalisation,” he said here at the Hero Mindmine Summit.
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Ahluwalia also said that there is a need to focus on activities in the Asian region which is emerging as the most prosperous part of the world. Within a few years, developing countries are going to be the dominant part of the world economy, he said.
“We should be looking at what is happening in Asia and make sure that we are part of the most prosperous part of the world and we should evolve our polices on that basis. “We each have things to offer, but we need to see how we can negotiate a good deal for us,” Ahluwalia said.