India, China new mantra: Summers

Delivering the key-note address at the 2-day fourth World BPO-ITO Forum conclave at Jersey City, he said the world dynamics had changed drastically in the past 30 years.

He said at least during the Industrial Revolution one could perceive a substantial change in a lifetime. Whereas, now going by the current growth rate of 9 per cent, businesses can see drastic changes in people's living standards within a short span of a decade or so.

This is unprecedented economic progress on a scale never seen before that brings staggering potential and opportunities, Summers said at the conclave themed "Flattening the world: the economic, political and technical impact on global economy".

Taking a lesson from history, it does come with its own share of challenges and consequences, he said, extending a note of caution.

"So the challenge of our times is to enjoy the fruits while at the same time balancing the risks and conflicts emerging out of this rapid change."

Focusing on outsourcing which is dependent on the location of skills around the world, Summers said, "Conservative estimates of it being a threat to our progress is a prescription for a more contentious and less prosperous world."

During the Industrial Revolution there were critics that prophesised that machines would mean fewer jobs but they were proved wrong in the long run, he

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