'21st century belongs to the Asians'

NRI commissioner, Eduardo Faleiro opines, "The Asian resurgence is one of the most significant developments of our time and the twenty-first century belongs to the Asians."

Delivering the first guest lecture series titled "South Asia and the Asian Resurgence", on the occasion of the Goa University's twenty-first foundation day, Faleiro observed that the rise of Asia began with the extraordinary economic progress of Japan in 1950s and 60s, which was followed by the remarkable advance of the Asian tigers - Hong Kong, Taiwan, South Korea and Singapore.

The Asian Development Bank projects Asia as a region that will achieve an average growth rate of 7.2 per cent in 2006 and 7 per cent in 2007, compared to the global economic growth forecast of 3.2 per cent in 2006 and 3.3 per cent in 2007.

"By 2050, China is expected to be the largest economy in the world and India, the third largest. By that time, Asia might have seven of the ten largest national economies," Faleiro said.

He further maintained that neither the rise of Asia, nor the decline of the west is irreversible. He quoted US President, George Bush as saying, "In a dynamic world economy, we are seeing new competitors like China and India... America should not fear our economic future because we intend to shape it."

On the present Indo-US relations, Faleiro felt that the two nations had become very friendly, but it remains to be seen as to how long the friendship would last.

"Former Prime Minister, Atal Behari Vajpayee had said that India and US are natural allies. However, after 9/11, the US moved towards Pakistan rather than India," he noted.

Faleiro was of the view that the deal on nuclear energy, presently in the midst of being processed, would prove to be a very beneficial one as it would enrich India's uranium reserves.

Referring to the existing relations between India and Russia, the state NRI commissioner opined that it was at its best. "Russia is a helpful friend. There are plans for joint research and development in weapons and also internationally market the developments," adds Faleiro.

He explained that good neighbourly relations and an atmosphere of mutual trust are essential for peace and prosperity in South Asia.

"The economic and social welfare of a country is advanced greatly if it interacts as a part of a regional block rather than individually. The emergence of a number of regional blocks in Asia, Africa and America are evidence of this reality. An integrated regional economy accelerates economic growth of the member countries through the advantage of geographical proximity and economies of scale," he said.