Dubai, January 05, 2014
"After the Global financial crisis, capitalism is getting redefined and socialism is getting altered across the Globe. Mixed economies are the building blocks for a single world," said Dr. R. Seetharaman, Group CEO, Doha Bank, the leading private commercial bank in Qatar. Dr. Seetharaman was speaking at the Global Citizen Forum Conference, on the topic 'Building Alliances: The Role of India, China and USA in Creating One World', held recently in New Delhi, India.
Major economists, industrialists and eminent Indian Political leaders participated in this event. Some of the key people who participated in the event include Dr. B. K. Modi, Founder-Chairman, Global Citizen Forum, Salman Khurshid, Union Cabinet Minister for External Affairs, Manish Tewari, Union Cabinet Minister for Information and Broadcasting, Kapil Sibal, Union Cabinet minister for Law and Justice, Sunil Parikh ,Founding Curator, World Economic Forum and Vayalar Ravi, Minister for Overseas Indian Affairs.
Speaking at the conference, Dr. Seetharaman, providing insights on economic trends, said, "US economy is indicating signs of recovery as it had a growth by 4.1 per cent in the third quarter of 2013, and US fed had announced tapering in December 2013. China's gross domestic product was 7.8 per cent higher in the third quarter of 2013. India's Gross Domestic Product (GDP) grew at the rate of 4.8 per cent during the third quarter of 2013. India's current account deficit was at $5.2 billion in third quarter of 2013 on the back of turnaround in exports and decline in gold imports.The UN Millennium Developments should also incorporate Global citizenship and Single World as part of their agenda."
Dr. Seetharaman added, "According to PWC report, World in 2050 - The BRICS and beyond: prospects, challenges and opportunities, India is expected to remain at the third place both in 2030 and 2050 in terms of GDP at purchasing power parity (PPP) terms. China is projected to overtake US as the largest economy by 2017 in purchasing power parity (PPP) terms and US is projected to retain its top spot on average income levels in 2050. Ageing population and rising real labour costs will transit China from an export oriented economy to consumption driven economy. China and India will become bigger consumer markets."
Dr. Seetharman gave highlights on major trends which impact scientific research, and said, "The U.S. leads the world's production of science research and nearly $400 billion worth of public and private science R&D. Developing countries, particularly the emerging BRIC nations of China and India which are responsible for a large portion of the increase in science research publications. The committed funding from India and US on research has also risen from only $2 million five years ago to $220 million. Most of the funding goes to developing a clean energy development centre.
Dr. Seetharaman added, "There are also partnerships between India and US in weather forecasting and healthcare. China's development planning has targeted a number of scientific fields and related industries, including clean energy, green transportation and rare earths, among others. By 2020, China plans to invest 2.5 per cent of GDP in science research. Engineering is a common focus of science research in China and India. In keeping with their rapid economic development and massive populations, China and India, the world's first and second most populous countries, produce growing numbers of science and engineering graduates each year."
Dr. Seetharaman highlighting the trends impacting currency and investments, said, "India has taken the first step toward recognizing the importance of China in global trade by making the yuan convertible, on the lines of the dollar, pound, euro and the yen. India and China seek a balanced financial system that is balanced and driven by ethics. There should be universal standards of measurement for valuation of investments and Uniform accounting principles should be followed to facilitate meaningful comparison Health care is also an area where Asian economies can come together as part of sustainable development. Asian economies should leverage their synergies with USA to create a single world."
About Doha Bank
Doha Bank is the largest private commercial bank in the State of Qatar. It was incorporated in 1978 and commenced its banking business (including its International Banking services) in Doha, Qatar on March 15, 1979.
As one of Qatar's leading financial services company, Doha Bank is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Doha Bank provides individuals and commercial, corporate and institutional clients across Qatar and even internationally, new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through an extensive network, and multiple access channels.
The Dubai branch of Doha Bank was opened in 2008.
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