Mixed economies plan blocs for a single world …

Mixed economies are going to be the building blocs for a single world, said Doha Bank Group CEO, Dr R Seetharaman.
“After the Global financial crisis capitalism is getting redefined and socialism altered across the globe. Mixed economies are going to be the building blocs for a single world. The UN Millennium Developments should also incorporate global citizenship and single world as part of their agenda,” he said at the “Global Citizen Forum Conference” in New Delhi recently.
Indian ministers and other dignitaries attended the conference, which focused on “The Role of India, China and the US in Creating One World”.
Seetharaman said the US economy was indicating signs of recovery as it had a growth of 4.1% in the third quarter of 2013.
China’s gross domestic product was 7.8% higher in the third quarter of last year. India’s GDP grew at the rate of 4.8% during Q3, 2013.
India’s current account deficit was at $5.2bn in the third quarter of 2013 on the back of turnaround in exports and a decline in gold imports.
According to a PricewaterhouseCoopers (PWC) report entitled “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, Seetharaman said.
On technology developments, he 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 US, and its users are significantly younger than those of other emerging economies. Three-fourths of India’s online population is under 35 as against just over half worldwide.”
Seetharaman gave highlights on major trends, which impact scientific research. “The US leads the world’s production of science research and nearly $400bn worth of public and private science R&D. Developing countries, particularly the emerging BRIC nations of China and India, which are responsible for a large portion of the increase in science research publications. The committed funding from India and US on research has also risen from only $2mn five years ago to $220mn.”
Most of the funding goes to developing a clean energy development centre. There are also partnerships between India and US in weather forecasting and healthcare. China’s development planning has targeted a number of scientific fields and related industries, including clean energy, green transportation and rare earths, among others, Seetharaman said.
“By 2020, China plans to invest 2.5% of GDP in science research. Engineering is a common focus of science research in China and India. In keeping with their rapid economic development and massive populations, China and India, the world’s first and second most populous countries, produce growing numbers of science and engineering graduates each year,” he said. Source: Gulf Times, Photo Credits: Doha Press

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