SHIMOGA: Former ambassador to India, the Philippines and Australia, and Professor Emeritus at the Xavier Institute of Management and Entrepreneurship, Bangalore, CP Ravindranath, said Friday pointed out, however, that the growth prospects in India and the cycle of globalization Considerably.

“But to put it into reality requires a combination of measures, institution building and good governance on the part of government, strategic thinking and a high level of competitiveness on the part of a sustainable economy and industry and improving the quality on the part of our education system, “he said.

He gave the floor to the programming of the national conference on “New growth cycle in the context of globalization: Lessons for India Inc Organized by the Division of management studies Jawaharlal Nehru National College of Engineering (JNNCE ).

He said: “For the economy as a whole around to see the most of the growth cycle, these are the words of economist Dani Rodik, the combination of the opportunities offered by global markets, with a domestic investment and the establishment of institutions such as the National Strategy for the Advancement of animals ghosts of the entrepreneur. ”

Mr. Ravindranath said that in the historical perspective, globalization can be seen as the last phase in the evolution of the world by the Industrial Revolution.

The history of globalization, wrote today in two colours: a color of the technological developments in transportation and communication, and secondly, by government measures, the nature and the way in which governments have intervened the reduction of barriers to trade and investment flows around the world.

He asked: “Now, with all this in perspective, what are the missions of India Inc see how we the opportunities and challenges of globalization?” He said, “As India Inc` Includes Government Our political class and the industry, including workers, answer to this question, a wide range of opinions. however, it should be possible to project some ideas on how we should react approach to globalization and what is the best and what he asks. ”

Mr. Ravindranath said the GDP of India, which has stagnated at 3.5 per cent in the first three decades of planning and rose to 5.5 percent in 1980, took an average of 6 percent in 1992 -93, may be due for reforms. “But the logic of globalization dictates the continuation of reforms in several areas, the markets of the element for the public sector and financial sector restructuring and tax reform,” he said.

He said, without radical economic reforms of the increase in the annual growth rate of 9 percent to 10 percent and to eradicate poverty and to achieve developed country status by the year 2020 has not been possible.

“Well, it is a major challenge for India Inc” In a “globalization” of the world, our will and capacity to implement the part of the basis of economic reform, “he added.

The fact that the repeal of the economic performance of our hinge, except for more economic reforms, the marked improvement of infrastructure, attracting more foreign direct investment and better governance , he said, it is also an overview of the prospects for India in the sharing of knowledge and sectors of manufacturing to a “global economy” is the general assessment that the country, the potential of force is the capacity scalability. ”

The Rector of the University of Kuvempu, K. Chidananda Gowda, who opened the conference, spoke in detail of India on the strengths, weaknesses, opportunities and risks associated with economic globalization. He said that India was opened by the third phase of globalisation, and added that, while

India has also in the first phase of globalization during the first century after Christ about their economic contacts with Rome with the Kerala is a major trading centre, it is not much work to do, the second phase of globalization, between 1870 1914, when, after the British Regime.

However, it is appropriate to ponder India on the question whether it the necessary political will to take the opportunities of globalization threw overcome its threats and vulnerabilities to attain, the greater the economic growth, he said.