Globalisation under attack, world needs reality check: Sitharaman

At a time when globalisation is under attack as seen from recent voter preferences in the Western world, India has urged the world community to do a "reality check", even as the country remains on track to grow its trade and economy at faster pace.

At an event on the sidelines of the World Economic Forum here organised by Indian industry chamber CII on Wednesday, Commerce Minister Nirmala Sitharaman said the widespread discontent, especially in countries where capitalism and democracy co-exist, shows that is time to pause and recalibrate.

"The world needs to do a reality check," Sitharaman said.

"India has a bearing on everything that is happening globally. The three forces that will change globalisation, are the three in which India is making a difference: digitalisation, the restructuring of global supply chains, and the change in institutional frameworks.

"Our villages are ready for digital administration and work has been going very fast in the past couple of years," she added.

Speaking at the session, Indian Road Transport and Shipping Minister Nitin Gadkari said India is ready to take a global lead in development.

"We have are making dramatic additions and improvements to roadways, expanding express highways, investing in ports, including tourism, as well as in electric buses, electric cars, and biofuels. Our government is committed to growth and development.. we are ready to take a global lead in development." he said.

Confederation of Indian Industry (CII) Director General Chandrajit Banerjee said India and other emerging economies are getting a lot of focus in Davos and all have seen India championing the cause of globalisation.

--IANS

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