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Annual Report 2007-08
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:: PRESS RELEASES |
Exim Bank Commencement Day Annual Lecture 2008: Mr. Kemal Dervis' Perspectives on the New Structure of the World Economy, at Exim Bank's Lecture
Mr. Kemal Dervis, Administrator of United Nations Development Programme (UNDP), delivering the 23rd Exim Bank Commencement Day Annual lecture in Mumbai on March 18, 2008.
Mr. Kemal Dervis, Administrator of United Nations Development Programme (UNDP), delivering the Twenty-Third Exim Bank Commencement Day Annual Lecture, highlighted the significant structural changes that have taken place in the global economy in recent years, characterised by the increasing share of the "emerging South", driven primarily by India and China, in global GDP. The developing countries as a whole now account for about one half of global GDP compared to about 37 percent in the early 1960s.
At the occasion, Mr. T.C. Venkat Subramanian, Chairman and Managing Director of Exim Bank, welcomed the guests and highlighted that Exim Bank's Annual Lecture series, instituted in 1986 to mark the Bank's Commencement Day, has earned recognition as an important milestone in contributing to the debate and discussions on contemporary trade and development issues impacting global economy. Dr. Arvind Virmani, Chief Economic Adviser, Government of India, Ministry of Finance, presided over the function.
Reflecting upon the New Structure of the World Economy, Mr. Dervis pointed out that the "emerging South" has become a significant contributor to world growth, in terms of purchasing power parity, with a share greater than two-thirds of the total, indicating the decreasing dependence of overall global growth on the rich "North". In line with this, Mr. Dervis opined that that it is time for the "emerging South" to assume increased role in international fora and community.
With increasing trade and financial integration in the global economy and in particular the stronger the linkages between the "North" and the "emerging South", the greater will be the impact of impulses originating in either group of countries on the other, and on the world economy as a whole, as witnessed in the aftermath of the recent US sub-prime crisis. In light of this, Mr. Dervis stressed the imperative of having in place financial sector regulations that focus on the nature of such structural problems in the financial sector, rather than using short-term macroeconomic instruments, in order to reap the benefits of technical progress and global opportunities in a more steady fashion.
Also, at the function, Mr. Dervis released a special publication of Exim Bank titled "Exim Bank Presents A Retrospective". The publication seeks to depict how Exim Bank of India evolved its vision in a dynamic trade environment and played its catalytic role in promoting, facilitating and financing the international trade of India.
The well-attended function included diplomats, senior bankers, corporate executives, academicians, representatives from Industry associations and chambers of commerce, as also research students.
For further information, please contact
Mr. David Sinate,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22181852,
Fax: (022) 22182572 ,
E-mail: cag@eximbankindia.in
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