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Wednesday, March 30, 2011 - 06.40 GMT

India & SL have similar opportunities & challenges
- RBI Governor

 

India and Sri Lanka face a number of similar opportunities and challenges, and are both fast growing emerging economies said Dr. Duvvuri Subbarao, Governor, Reserve Bank of India (RBI).

"We aspire to raise our growth rates to double digits, and want to efficiently translate that rapid growth into poverty reduction. We also have to manage our ‘inclusive growth’ strategies in the face of globalization," he said.

He made these observations at the special anniversary oration on frontier issues on the Global Agenda Emerging Economy Perspective on 29 March.

India and Sri Lanka are not just geographic neighbours; we have deep social, cultural and economic links that go back several centuries, Dr. Duvvuri Subbarao further said.

Speaking with reference to globalization he stated that India and Sri Lanka as emerging market economies (EMEs) cannot withdraw from globalization. "That is neither feasible nor advisable. We have to confront globalization head on, but manage it in such a way that we exploit the opportunities and mitigate its costs," he added.

Expressing his views regarding global recession he said, 'by all accounts, the world has recovered from the financial meltdown and the follow on recession much sooner than we had feared at the depth of the crisis'.

The full text of the speech found at:

http://www.cbsl.gov.lk/pics_n_docs/latest_news/anni. final pdf.pdf

 
 

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Last modified: March 30, 2011.

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