(Video) Rajya Sabha TV (RSTV) The Big Picture: India: Center of Global Growth

Topic: India: Center of Global Growth

Guest:

Banuchandar Nagarajan, (Former Consultant, The World Bank, Washington DC)
Ajay Dua, (Former Secretary, Ministry of Commerce & Industry)
Arvind Virmani, (Former Executive Director, IMF)

Topic Description:

Led by India, South Asia is moving towards becoming center of global growth and could contribute about one-third of the world's growth by 2040, according to a latest research by the International Monetary Fund.

Notably, under the IMF's geographical division of the world, South Asia does not include Afghanistan and Pakistan. For IMF, South Asia includes India, Bangladesh, Nepal, Sri Lanka, Bhutan, and Maldives. Under a substantial liberalisation scenario, supported by stepped-up efforts to improve infrastructure and successfully harness South Asia's young and large workforce, the region could contribute about one-third of global growth by 2040, argues the IMF paper 'Is South Asia Ready for take Off? A sustainable and inclusive growth agenda. The IMF noted that based on demographic trends, more than 150 million people in the region are expected to enter the labour market by 2030.