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High economic growth cannot be an end in itself: PM

High economic growth cannot be an end in itself: PM
High economic growth cannot be an end in itself and the benefits of rapid growth must necessarily lead to a betterment in the lives of the common people, Prime Minister Dr Manmohan Saingh said in a speech at the Inaugural Session of the 46th AGM of the Asian Development Bank

"Equitable distribution of the fruits of development requires the pursuit of development through empowerment of people. This is the key to inclusive growth. Creation of new productive job opportunities for the growing labour force is the most powerful means of empowering the people. For this purpose, skill development is the most potent instrument," he stated.

Speaking about Asia in particular the PM noted that in 2013 the IMF expects advanced economies to grow at only 1.2% while developing Asia is expected to grow more than five times faster at 7.1%. According to him the Asian region is expected to play a crucial role in driving and stabilizing the global recovery process.

"The resurgence of Asia is a part of a process where economic power has been shifting to emerging economies in recent years. At Purchasing Power Parity, emerging economies accounted for 80% of the world growth in 2012, with emerging Asia accounting for a majority of it and China and India accounting for 35% and 10% of world growth respectively. This trend is only likely to continue in the years to come," Dr Singh observed.

"As the world moves towards one where consumption and investment shift towards emerging markets, especially in Asia, several opportunities and challenges arise. They include accommodating different models of growth, ensuring that growth is inclusive and providing Asian countries with a voice in international fora that is commensurate with the aspirations and needs of their people. The ADB is uniquely positioned to facilitate this change and work with governments to make the world order inclusive, fair and stable," the PM noted.

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Story first published: Saturday, May 4, 2013, 12:57 [IST]
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