Globalisation alone can alleviate poverty: N K Singh

NEW DELHI: Globalisation has maximised productivity across the globe via enhanced movement of capital and humans, leading to faster economic growth, which has proven to be the “only guarantee� of poverty alleviation, said planning Commission member N K Singh.
In India, average GDP growth of 5.6% in 80s followed by 6.5% growth in the 90s had reduced incidence of poverty from 58-60% to just 19%, while a sharper reading of ground realities might well reveal an even lower figure.
Speaking at a workshop organised by UNCTAD and the London School of Economics on New global trade paradigm here today, Mr Singh alleged that certain constituencies with vested interests are exaggerating figures of poverty.
It has become increasingly impossible to discuss trade policies in isolation, as they are being inextricably intermingled with economic policies. The world is witnessing augmented movement of capital, investment, technology, human skills and human beings. The information-communication-entertainment (ICE) age has virtually turned conventional economy on its head. Idea has become all-powerful.
Increasingly, countries are designing their development plans with a high degree of commonality and cohesion. People will move to places where their skills are needed to fulfil the demographic gaps.
As for the framing of the rules that would accord a better form of governance in the new paradigm, Mr Singh said an equituous, non-discriminatory approach should supersede prejudicial approaches and knee-jerk reactions. Now there is a plenitude of rules to govern various aspects of trade and related mattes. For instance, a litany of organisations are there to control migration-related matters.
There is a need for a more cohesive governance that suits to the new paradigm.