Mukherjee sees new world order with greater interdependence
08 Nov 2010
According to union finance minister, Pranab Mukherjee a new world order is emerging, where there is a greater degree of interdependence amongst nations and a more dynamic and equitable arrangement for prosperity.
Mukherjee said that the lesson that has been learnt from the current global crisis is that remedy lies in collective and corroborative approach and not in unilateralism.
He minister was addressing the Indo-US CEOs Forum meeting, in New Delhi today. Mukherjee added that in the anxiety to seek solutions to problems in one part of the world, care need to be taken that greater problems are not created in other parts of the world and more so in the Emerging Markets Developing Countries (EMDCs).
The meeting was attended by US treasury secretary, Timothy Geithner, commerce secretary Gary Locke, agriculture secretary Thomas Vilsack from US side and commerce and industry minister Anand Sharma, deputy chairman, planning commission Montek Singh Ahluwalia from Indian side among others. The meeting was also attended by the CEOs of different US and Indian companies, part of Indo-US CEOs Forum.
Mukherjee said that India had emerged as an attractive global investment destination and that the infrastructure sector alone, required an investment of $514 billion for the Eleventh Plan (2007-08 to 2011-12), of which around 30 per cent of the investment is envisaged to come from private sources. According to Mukherjee under the Twelfth Five Year plan (2012-13 to 2016-17), investment in infrastructure is envisaged at $ 1 trillion. He added the magnitude of investment would require innovative modes of financing.
The US-India CEO Forum which is co-chaired by David M Cote of Honeywell and Ratan Tata of Tata Sons includes Pepsi chief Indra Nooyi, Reliance Industries chairman Mukesh Ambani, Dow chief executive Andrew N Liveris, CitiGroup's Vikram S Pandit, Bharti Group's Sunil Mittal, ICICI Bank's Chanda Kochchar and HDFC's Deepak Parekh.
