ID :
150587
Sun, 11/21/2010 - 11:02
Auther :

India has greater role in new economic world order: Brown

BROWN

New Delhi, Nov 20 (PTI) As the world struggles to come
out of the financial crises, former British Premier Gordon
Brown Saturday pitched for international cooperation with
greater participation of fast growing economies like India and
China.
"You (India) are part of the solution, not only for your
own problem of poverty but also a part of the solution to
having sustainable growth of the world economy," he said,
addressing the Hindustan Times Leadership Summit here.
Brown said India could be the fastest growing economy in
the world in the next two decades and has to shoulder greater
responsibility in the new global economic world order
He noted that for nearly 200 years after the Industrial
Revolution, Europe and America were the twin hubs of major
economic activity, trade, investments and consumption.
However, he said this pattern had change irreversibly
over the past few decades with rest of the world becoming the
hub of economic activity while Europe and America still
continuing to be major consumers.
"This has led to imbalances in the world economy which
needs to be sorted out," Brown said.
Brown, who was Chancellor of the Exchequer for 10 long
years, favoured global support to fast growing economies like
India and China which in turn could spur financial growth
worldover.
Europe and the US are not in a position to grow at the
pace for keeping unemployment low and raise prosperity, he
said.
The bank credit crisis was triggered because the national
regulators monitored only individual companies and failed to
look at their global connections, Brown said and favoured a
global supervisory body that would look into the economic
activity in other countries.
National regulators were dealing with a global problem
when the need of the hour was to have globally administered
regulatory architecture, he said. PTI SKU
MHM


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