By IANS
New Delhi : India needs huge investments from abroad to develop and be a part of the global economy, but these need to be regulated, Finance Minister P. Chidambaram said here Tuesday.
“We welcome capital flows but we need to learn how to manage them in proportion. We do not want regulation to fall behind innovation. We cannot afford shocks and to avoid shocks we must regulate,” the finance minister said at the Fortune Global Forum here.
“In order to grow we need vast amounts of capital. In the long run, I believe, India gains in globalisation,” he added.
The Fortune Global Forum, which brings together the world’s top industry leaders, is being held in India for the first time.
Highlighting the concern of the developing countries over the stalled Doha round of global trade talks under the aegis of World Trade Organisation (WTO) — largely over agriculture issues and market access — Chidambaram said: “For others agriculture may be a commercial activity but for us agriculture is livelihood.
“Every country has their own biases. These biases would reduce over the years, but to demand the developing countries would give up these biases totally is not possible because biases exist in developed countries as well,” he said.