‘India, China will create New World Order’

Reserve Bank YV Reddy

Former governor of Reserve Bank YV Reddy delivering the Justice Konda Madhava Reddy memorial lecture on `Global Financial Crisis & Asia’ in Hyderabad.

Express News Service | Oct 31, 2009

HYDERABAD: Indicating that the US will no longer be the leader of world economy, former Rerve Bank of India governor Y Venugopal Reddy has predicted that India and China will dominate the scene. Delivering the Justice Konda Madhava Reddy Memorial Lecture on `Global Financial Crisis and Asia’ at AV College here today, he said return to normalcy at the end of the recession need not mean return of the old world economic order.

“Asian economy suffered less and is recovering faster than the rest of the world as both India and China managed to strike macro-economic balance.

India scored over other countries with efficient balancing between savings and investments due to its conservative nature,’’ he said and accused developed countries like the US for consuming more than they could save while other countries starved. “India can take measures to manage the crisis by defining the parameters of a new order through a process of rebalancing and withdrawl of certain extraordinary measures that can strike a financial balance. It is in a better position to wrest significant gains from globalisation than many other developing countries.’’ He suggested that India voice its concerns along with other developing countries to modify the international trading arrangements for the benefit of developing countries apart from identifying and strengthening itself.

Former Supreme Court judge Justice P Venkatrami Reddi, AP High Court Chief Justice Anil R Dave and AP State Human Rights Commission Chairman P Subhashan Reddy were among the dignitaries who attended the annual event organised by the Justice Konda Madhava Reddy Foundation.

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