Asian Economic Dialogue 2020: India’s chief economic advisor talks ethical wealth creation
The concept of ethical wealth creation and the idea of publich trust as the key component were at the heart of the chief economic advisor to the Government of India, K Subramanian’s speech in Pune on Friday.
Subramanian was speaking at the inaugural ceremony of the Asia Economic Dialogue 2020, organised by the Pune International Center (PIC) and ministry of external affairs (MEA) at the J W Marriott.
The three-day event this year runs along the theme of ‘Asia and the Emerging International Trade System’.
“Ethical wealth creation is a vision on which we should work. Since ages, the Asian continent is contributing to the world’s GDP. It didn’t happened accidently, but due to proper designing. Trust is a public good with an important distinction and if trust gets the support of the market, then it will contribute to the country’s GDP. Trust is like... the more you use it, the more valuable it gets. It is extremely important in to achieve trust in ethical wealth generation,” said Subramanian.
The inaugural session was moderated by Vijay Kelkar, vice-president of PIC, while dignitaries, including Shehan Semasinghe, state minister of Development banking and loan schemes, Sri Lanka; Fayyaz Ismail, minister economic development, Maldives; and Baba Kalyani, chairman and managing director, Bharat Forge were present.
Kalyani said, “In today’s trade world innovation and speed is an important factor. How fast you innovate and upgrade is important. Rather than muscle power we use brain power.”
In a video message, Dr S Jaishankar, external affairs minister, government of India, conveyed his greetings to the event.
Semansinghe, in his speech said, “Asia is the largest continent in the world in terms of area and population and has immersed globally in terms of trade. The international trading system depends on the trading agreements and all these agreements are negotiated. The world is going through a rapid change now and as Asians we should actively be involved in this process. Sri Lanka is in the process of reviewing its all micro-economic policies. We are making a people- centric economy and the roots of development should go to the grassroot level.”