Nobel laureate Prof Stiglitz and economist Lord Desai discuss the economic rise of India and China

GANGTOK, 11 Jan: A discussion titled, “Asia Rising: Implications for the World Economy”, on the economic rise of Asian giants – India and China - was organised at ITA Centre For Performing Arts, Machkhowa, Assam on Tuesday with two eminent speakers, Nobel Laureate Joseph Stiglitz, Professor of Economics at Columbia University, and distinguished economist and author, Lord Meghnad Desai, informs a press release.
The event began with the chief guest on the occasion, Chief Minister of Assam, Tarun Gogoi and his wife Dolly Gogoi felicitating Mr and Mrs Stiglitz and Lord Desai after which Secretary, Sports & Youth Welfare Department, Assam and Cultural Affairs (addl), Shantanu Thakur read out the citation for Prof Stiglitz and Lord Desai on behalf of the Assam CM.
According to the release, after the welcome address by Mr Gogoi, Investment Advisor to the Chief Minister, Government of Assam, Ranjit Barthakur introduced the subject and gave a brief on the session to the dignitaries and the audience. Opening the discussion in response to Lord Meghnad Desai, Prof 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.”
With regard to sustaining the growth rate of India and China’s respective economies, Prof 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, Prof 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. The release further mentions that this is the first time that a talk show of this stature and significance has taken place 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 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.