Chidambaram was delivering his valedictory address at the golden jubilee function organised by the Bombay Chartered Accountants' Society (BCAS) here on Saturday.

Earlier, he said that globalisation involves only benchmarking yourself with the best in the world and should not be feared. "India is the top three producers in various areas like denim, PTA ( purified terephathalic acid), bicycles, two-wheelers, rubber, coffee, spices and software", he said, adding that the example can be emulated in various other sectors also.

According to him, globalisation would imply freedom of agricultural sector from controls so that the farmers get the international prices and the corporates set up worldsizeplants. According to him, globalisation essentially encompass three things - flow of capital, technology and human resources. "Around $350 billion money is annually available for investment but a majority of it goes to the developed countries like the US", he said, and added that money would only flow where the return is higher. Of the $60 billion invested in Asia every year, around $40 billion goes to China while in the last year India received --3.2 billion, the highest investment since liberalisation.

Chidambaram felt that the passport regimes and regulations will not be able to stall the flow of technology and human resources. "The European union has also recognised this by allowing the free movement of humans within the union", he said while emphasising the need to also recognise the inter-country movements.

"India has the potential to become a global economic power", said president, Institute of Chartered Accountants of India (ICAI), Rahul Roy in his inaugural address. He expressed his optimisimabout the India's future in the backdrop of the talent, strengths of quality manpower, a large domestic market and vast natural resources the country harbours.