|Interactive Session on “Making Globalization Work for India”|
|by Dr. Joseph Stiglitz
Tuesday, December 19, 2006
|At an interactive working session organized by ICRIER on “Making Globalization Work for India,” Dr. Joseph Stiglitz, Nobel prize winner in economics in 2001 and professor at Columbia University, provided a rare insight into how the bilateral, multilateral and WTO plus trade agreements can help India to grow tremendously in global markets.
Dr. Stiglitz said that though subsidies are not desirable, food importing countries will be worse off if subsidies are eliminated. He also said that developing countries should push for a large development agenda at global trade conferences. If strong measures are taken it would help the Indian agriculture sector to grow at a targeted growth rate of 4 per cent per annum instead of the current growth rate of 2 per cent.
In his opening remarks, Commerce Minister Mr. Kamal Nath spoke about India’s recent growth rate and added that “there could be no globalization without globalization in agriculture. And there cannot be globalization in agriculture as long as the structural flaws in that sector remain unaddressed.” Other participants in the working session suggested that the developing countries must explore new policy alternatives.