By Parveen Chopra, IANS
New York : Globalisation is good not only for India’s growth but also to curb poverty, eminent economist Jagdish Bhagwati has said, calling fears of anti-reformers as unjustified.
Bhagwati, Senior Fellow in international economics at the Council on Foreign Relations and professor at Columbia University, was speaking on “Globalisation and India” at the Indian Consulate here.
Addressing the anti-globalisation lobby’s objections over poverty and inequities, he stressed that the country’s social objectives could in fact be furthered with wise management of globalisation.
The economic reforms since 1991 had helped reduce poverty in India, he said.
Inequity can be measured in two ways – regional and income-based, said the New York-based Bhagwati, who has been honoured with a Padma Bhushan by the Indian government.
The more “politically based” regional iniquity he preferred not to address in detail.
Income-based inequality can perhaps be best measured by the top 5 percent and the bottom 5 percent, and according to Bhagwati, those differences made much of politically are the “law of life”.
A man of strong beliefs, Bhagwati said the current anti-global environment in India was exacerbated by what he described as “reformed socialists” around Sonia Gandhi, who heads India’s ruling coalition.
An audience of about 100 academics, prominent Indian Americans and businessmen attended the reception for Bhagwati hosted by Consul General Neelam Deo.