The old global economic order is crumbling and India, which was on the periphery of the old architecture, is more likely to gain than lose from the emerging new world order, said T V Somanathan, Finance Secretary, Government of India.
“We can be a global economic power only by becoming a powerful domestic economy and a cohesive and peaceful society,” he added.
He was delivering the XVI CUB Shri V Narayanan Memorial Lecture on the topic, ’India in the emerging global economic architecture’. The annual lecture series in the memory of Late V Narayanan, a veteran banker and the longest serving Chairman of City Union Bank (CUB) under whom the bank witnessed phenomenal growth. He passed away in 2004.
“If India wants to truly play a significant role in shaping the emerging global economy, the most important challenge, ironically, lies in the domestic front,” Somanathan said, adding, “we cannot shape global order, if we do…