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Role of US, China and India in creating ‘one world’ highlighted
By our business bureau January 06, 2014
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DUBAI: “After the Global financial crisis, capitalism is getting redefined and socialism is getting altered across the Globe. Mixed economies are the building blocs for a single world,” said Dr. R. Seetharaman, Group CEO, Doha Bank, the leading private commercial bank in Qatar.

Dr. Seetharaman was speaking at the Global Citizen Forum Conference, on the topic ‘Building Alliances: The Role of India, China and USA in Creating One World’, held recently in New Delhi, India.

Major economists, industrialists and eminent Indian Political leaders participated in this event. Some of the key people who participated in the event included Dr. B. K. Modi, Founder-Chairman, Global Citizen Forum, Salman Khurshid, Union Cabinet Minister for External Affairs, Manish Tewari, Union Cabinet Minister for Information and Broadcasting, Kapil Sibal, Union Cabinet minister for Law and Justice, Sunil Parikh ,Founding Curator, World Economic Forum and Vayalar Ravi, Minister for Overseas Indian Affairs.

Speaking at the conference, Dr. Seetharaman, providing insights on economic trends, said, “US economy is indicating signs of recovery as it had a growth by 4.1 per cent in the third quarter of 2013, and US fed had announced tapering in December 2013. China’s gross domestic product was 7.8 per cent higher in the third quarter of 2013. India’s Gross Domestic Product (GDP) grew at the rate of 4.8 per cent during the third quarter of 2013. India’s current account deficit was at $5.2 billion in third quarter of 2013 on the back of turnaround in exports and decline in gold imports.”

Dr. Seetharaman added, “According to a report, World in 2050 - The BRICS and beyond: prospects, challenges and opportunities, India is expected to remain at the third place both in 2030 and 2050 in terms of GDP at purchasing power parity (PPP) terms. China is projected to overtake US as the largest economy by 2017 in purchasing power parity (PPP) terms and US is projected to retain its top spot on average income levels in 2050. Ageing population and rising real labour costs will transit China from an export oriented economy to consumption driven economy. China and India will become bigger consumer markets.”

Dr. Seetharaman gave insights on technology developments, and said, “US is one of the largest market for Indian software service exporters. Indian software services exporters are set to gain additional business as US regional banks there look to outsource more technology work. According to a report from comScore, India has become the world’s third largest Internet user after China and the United States, and its users are significantly younger than those of other emerging economies. Three -fourth of India’s online population is under 35 as against just over half worldwide.”

Dr. Seetharman gave highlights on major trends which impact scientific research, and said, “The US leads the world’s production of science research and nearly $400 billion worth of public and private science R&D.
 

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