Globalization is a reality and a higher growth rate is the best response to face problems of poverty, says Arun Jaitley, Union Minister of Finance in India.
Jaitley was speaking at the release function of the book "Globalization, Democratization and Distributive Justice" authored by Prof (Dr.) Mool Chand Sharma, Professor of Law at Delhi University and presently a Member of Law Commission of India. The Union Minister said that history changes its course many time because of unusual forces, adding that developments beginning from 1990s testify to this change in course that is taking place everywhere, including India.
He said that these forces, which according to the author could be loosely described as forces of globalization, which are re-shaping the world of today include the shifting of economic centers of gravity from Europe and America to Asia, accelerated impact of technological revolution, dynamics of changing demographics and the breathtaking interconnectivity between trade movement of capital, people and information.
Jaitley said that introducing reforms especially the ones needed for enhancing growth which is so crucial, especially for generating jobs and creating infrastructure including rural is the need of the time, adding that any lack in introducing reforms may prove fatal.
He said the work emphasizes that, it is not only reform and growth, but the need is to ensure that growth is even, balanced and inclusive, adding that rising inequalities could prove fatal not only for the poor but for the "growth" itself.
The book acknowledges that apart from measures like Employment Guarantee Act, Right to Education Act and Food Security Act some of the recent steps taken on economic and fiscal side like introduction of Goods and Services Tax, schemes related to financial inclusion etc along with initiatives like: 'Make in India', 'Digital India', 'Skill India' and 'Swachh Bharat Abhiyan' can prove a catalyst in this regard.