By IndiaTomorrow.net,
New Delhi, 29 Aug 2015: Globalization is a reality and higher growth is the best response to poverty, said Union Finance Minister Arun Jaitley. Speaking at occasion of a book release in New Delhi on Friday, Jaitley said, “The forces of the globalization, which are re-shaping the world of today include the shifting of economic centers of gravity from Europe and America to Asia; accelerated impact of technological revolution; dynamics of changing demographics and the breathtaking interconnectivity between trade movement of capital, people and information.”
Jaitley was speaking at the launch of book “Globalisation, Democratization and Distributive Justice,” written by Prof. (Dr.) Mool Chand Sharma, professor of law at Delhi University (DU) and member of the Law Commission of India.
Highlighting the different aspects of globalization at the event, the author Prof. Sharma said the forces of globalization have accelerated and fed each other, bringing profound changes in the economic, political, social or cultural life of nations, societies and individuals. The DU Professor said, “Societies unable to adapt to these dramatic changes are likely to collapse. No doubt these vast changes have brought along a number of paradoxes and conundrums such as rising prosperity on one side but widening poverty on the other. While a there is the need for infrastructure development on one side, there are losses of livelihood, habitat and traditions of tribal and forest dwellers as well as small farmers stand on the other hand.
“It is highlighted that dealing with these paradoxes and fast occurring changes do demand introduction of reforms in economy, politics and the way a society manages its institutions,” added Prof. Shrama.
Confirming Prof. Sharma’s thoughts, Jaitley said reforms, especially those needed to accelerate growth, are crucial for generating jobs and creating infrastructure, particularly in the rural India. “Any lack in introducing reforms may prove fatal. It is not only reform and growth but there is also a need to ensure that the growth is even, balanced and inclusive. Rising inequalities could prove fatal not only for the poor but also for the ‘growth’ itself,” added Jaitley.
Speaking on the occasion, Supreme Court judge Justice Rohinton Nariman, said Prof. Sharma’s work highlights how pressing is the need for distributive justice. “Distributive justice needs to go beyond rhetoric and ensure that rising aspirations do not get transformed into frustration, ultimately leading to cynicism against the system itself,” explained Justice Nariman.
The book acknowledges that apart from measures such as the Employment Guarantee Act, Right to Education Act and Food Security Act, some of the recent steps taken on the economic and fiscal side, such as the introduction of Goods and Services Tax and schemes related to financial inclusion, can prove catalyst in this regard.
