Dr. R. Seetharaman, CEO of Doha Bank participated Global Citizen Forum Conference”Building Alliances: The role of India, China and USA in Creating 1 World”The event was held on 3rdJanuary 2014 at The Ashoka Hotel, New Delhi. Major economists, industrialists and eminent Indian Political leaders participated in this event.Some of the key people who participated in the event include Dr. BK Modi,Founder-Chairman, Global Citizen Forum, Salman Khurshid, Union Cabinet Minister for External Affairs, Manish Tewari, Union Cabinet Minister for Information and Broadcasting, Kapil Sibal, Union Cabinet minister for Law and Justice, Sunil Parikh ,Founding Curator, World Economic Forum and Vayalar Ravi, Minister for Overseas Indian Affairs.
Speaking at the conference Dr.R. Seetharaman provided insights on economic trends.He said ”US economy is indicating signs of recovery as it had a growth by 4.1% in 3rd quarter of 2013 and US fed had announced tapering in Dec 2013.China’s gross domestic product was 7.8% higher in the 3rdquarter of 2013.India’s Gross Domestic Product (GDP) grew at the rate of 4.8% during 3rd quarter of 2013.India’s current account deficit was at $5.2bn in 3rd quarter of 2013 on the back of turnaround in exports and decline in gold imports.After the Global financial crisis capitalism is getting redefined and socialism is getting altered across the Globe. Mixed economies are going to be the building blocs for a single world. The UN Millennium Developments should also incorporate Global citizenship and Single World as part of their agenda.According to PWC report, World in 2050 – The BRICS and beyond: prospects, challenges and opportunities, India is expected to remain at the third place both in 2030 and 2050 in terms of GDP at purchasing power parity (PPP) terms. China is projected to overtake US as the largest economy by 2017 in purchasing power parity (PPP) terms and US is projected to retain its top spot on average income levels in 2050.Ageing population and rising real labour costs will transit China from an export oriented economy to consumption driven economy.China and India will become bigger consumer markets.”
Dr. R. Seetharman gave insights on technology developments. He said “US is one of the largest market for Indian software service exporters.Indian software services exporters are set to gain additional business as US regional banks there look to outsource more technologywork. According to a report from comScore, India has become the world’s third largest Internet user after China and the United States, and its users are significantly younger than those of other emerging economies.Three-fourths of India’s online population is under 35 as against just over half worldwide.”
Dr. R. Seetharman gave highlights on major trends which impact scientific research. He said “The U.S. leads the world’s production of science research and nearly $400 billion worth of public and private science R&D.Developing countries, particularly the emerging BRIC nations of China and India which are responsible for a large portion of the increase in science research publications.The committed funding from India and US on research has also risen from only $2 million five years ago to $220 million. Most of the funding goes to developing a clean energy development centre. There are also partnerships between India and US in weather forecasting and healthcare. China’s development planning has targeted a number of scientific fields and related industries, including clean energy, green transportation and rare earths, among others.By 2020, China plans to invest 2.5% of GDP in science research.Engineering is a common focus of science research in China and India. In keeping with their rapid economic development and massive populations, China and India, the world’s first and second most populous countries, produce growing numbers of science and engineering graduates each year.”
Dr. R. Seetharman spoke on trends impacting education and Indian Culture He said “US and India share strong linkages and a history of collaboration in the field of higher education. US is the most favored destination for Indian students, with more than 100,000 Indian students pursuing higher studies in the United States.The University Grants Commission (UGC) of India has finalized guidelines for twinning arrangements between Indian and foreign educational institutions.The guidelines will facilitate greater collaboration between Indian and U.S. universities. Indian culture has transcended borders. It can be in the form of dance, literature, food, music, festival or cinema. India is a land of spiritual bliss and Indian temples attract global people and promote tourism. Many Indians have contributed both on the national and international front and have become global citizens.”
Dr. R. Seetharaman highlighted the trends impacting currency and investments. He said “India has taken the first step toward recognizing the importance of China in global trade by making the yuan convertible, on the lines of the dollar, pound, euro and the yen.India and China seek a balanced financial system that is balanced and driven by ethics. There should be universal standards of measurement for valuation of investments and Uniform accounting principles should be followed to facilitate meaningful comparisonHealth care is also an area where Asian economies can come together as part of sustainable development. Asian economies should leverage their synergies with USA to create a single world.”