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Indo-Pacific region to account 60 pc of world's GDP: Economist

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Hyderabad | Friday, Feb 17 2017 IST
"The Indo-Pacific region will account for 60 per cent of world's GDP very soon and this will have an impact on global power politics", Centre for Policy Alternatives, New Delhi Chairperson and distinguished Economist, Dr. Mohan Guruswamy has said.

Speaking at the international conference on Changing Security Dynamic in the Indo-Pacific, organised by the Indian Council for Research on International Economic Relations (ICRIER) here yesterday, Dr. Mohan Guruswamy noted that the number of people in the productive age will keep growing, which may enable India to grow as long as there is political stability and policy environment. He went on to add that India should engage with East Asian countries to generate capital for its infrastructure projects.

Dr. Jayaprakash Narayan, General Secretary, Foundation for Democratic Reforms, observed that the new powers should not demonstrate callousness towards global norms, and, instead, should recognise that playing by rules will have a long-term benefit. He noted that India's emergence as major power will be determined by greater democratisation, especially in the realms of increased access to education, development of robust infrastructure and empowered local governments that facilitate robust collective action at the grass roots.

Dr Vallabhu Srilatha, Assistant Professor of Political Science, Centre for Indian Ocean Studies, Osmania University, Hyderabad, noted that the Bay of Bengal can become a new locus of economic development in Asia. Dr. Srilatha highlighted the necessity of building bridges between South Asia and Southeast Asia, and remarked that the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) has the potential to emerge as a major trade bloc in the region.

However, she hastened to add that there is growing presence of the Chinese navy in the Bay of Bengal region.The necessity of collaboration among major democratic powers in Asia, such as India, Japan and Australia received considerable attention.

Commodore R.S.Vasan, Director, Chennai Centre for China Studies, referred to the necessity of establishing a 'Corpus Fund' with partnership among India, Japan and Australia for promoting Blue Economy (ocean economies) in the Indian Ocean Region. The scholars also pointed out to the possibility of India-Japan collaboration to mine the precious polymetallic resources in the Indian Ocean.

Prof. Tsutomu Kikuchi, Professor, Aoyama Gakuin University Japan, highlighted that Japan has been strengthening economic and security relations with "the rest of Asia", as was shown in Japan's active engagements with the countries in South Asia and Southeast Asia such as, India, Australia and ASEAN countries.

The necessity of collaboration among major democratic powers in Asia, such as India, Japan and Australia received considerable attention. Commodore R.S.Vasan, Director, Chennai Centre for China Studies, referred to the necessity of establishing a 'Corpus Fund' with partnership among India, Japan and Australia for promoting Blue Economy (ocean economies) in the Indian Ocean Region. The scholars also pointed out to the possibility of India-Japan collaboration to mine the precious polymetallic resources in the Indian Ocean.

The conference witnessed considerable discussions on maritime security issues, maritime terrorism and China.

The two-day conference on (February 15 and 16) also witnessed energetic participation of students from various educational institutions in Hyderabad.UNI VV CS 1055

-- (UNI) -- C-1-1-DL0275-1153888.Xml

 
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