India will be a big entity in the World Economy: Dr. Y V Reddy

Hyderabad|India|November'2011:India is likely to be a big entity in the World Economy said Dr. Y V Reddy, former Governor of RBI at the inaugural of the IV International Conference on India: Emerging Economic Power – Quest for EU and World Economic Order organized at the University of Hyderabad.

Dr. Reddy further added that India’s economic growth will depend on Investments and Investments will be dependent on our savings. However our country is vulnerable to shocks like the oil price rise, food security and fiscal imbalances. Prof. Reddy stated that with all these issues India does not contribute to Global Imbalance. Asian countries like China and far-east are not vulnerable to fiscal shocks but are highly dependent on the exports. He also added that he European Union crisis is being referred to as Sovereign Debt crisis but it is in true sense a fiscal mismanagement crisis.

Towards the end Dr. Reddy cautioned that the road ahead for the Global Economy is bumpy. Technology is moving towards globalization but people are not moving as fast as technology.

The three-day conference is being jointly organized by Centre for Contemporary India Research & Studies and the Institute of International Relations, University of Warsaw, Poland in collaboration with University of Hyderabad. The inaugural session was attended by Professor Ramakrishna Ramaswamy (Vice-Chancellor of University of Hyderabad), Minister Piotr Opaliński (Embassy of Poland), Minister Pavel Svitil (Deputy Head of EU Delegation in India), Dr Jakub Zajączkowski (Chairperson of Centre for Contemporary India Research and Studies) and Professor J. Prabhakara Rao (Coordinator, Centre for Study of Foreign Languages, University of Hyderabad). More than 15 foreign delegates from European countries are participating in this conference which will see discussion on topics like India Domestic Economic Reform: Dynamics and Challenges, - India and Asia Economy, India and EU Economic Cooperation, India and New Economic Challenges etc.