India is willing to engage in partnership with the rest of the world and work to lift the lives of people everywhere in the world. The private sector has a very important role to play in this developmental process.
Mr Stephen S Roach, Chairman, Asia, Morgan Stanley, Hong Kong SAR, stated that he is bullish about Asia in the context of the shifting power equation.
He said that the world economy is still dependent on the US because US consumers are very open to buying foreign products.
Asia therefore cannot decouple itself from the US economy. He however feels that the whole backlash against the globalisation is due to the middle class workers of US who think that their jobs are going to the emerging market economies, like India and China.
Mr Robert F Bennett, Republican Senator from Utah, USA pointed out that there were many Republicans who supported Free Trade agreements.
He was hopeful that Ms Hillary Clinton, who is a contender for the Presidency of the USA, if elected would carry on the free trade policy.
Mr Hector de J Ruiz, Chairman of the Board and the CEO, Advanced Micro Devices, USA and co-chair of the India Economic Summit, said that he as a technology professional feels that it is the consumer who would rule the world.
He feels that the shift of power will be towards the consumers who demand more technology driven products at affordable prices and which are reliable as well.
He pointed out the example of music systems and said that high quality music systems are available at an affordable price. He is optimistic that the markets of India and China would be the major contributors in generating demand for high-tech goods.
Confederation of Indian industry
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