India should look East as Asia becomes global growth hub: Michael Debabrata Patra

New Delhi [India], October 3 (ANI): Michael Debabrata Patra, Chairman, Board of Governors, Institute of Economic Growth and former Reserve Bank of India (RBI) deputy governor, said that India should focus on the East as Asia is the world centre of gravity now.

Speaking to ANI, on the sidelines of Kautilya Economic Conclave in the national capital, Patra said, The fact of the matter is that Asia is the world centre of gravity now. Nearly two-thirds of world growth is emanating from Asia...adding that it is only right that India looks east at this time.

Patra cautioned that the world is going through an unprecedented period of uncertainty caused by geopolitical strife, fragmentation, muscular industrial and trade policies, and financial volatility.

He argued that countries like India are suffering as bystander nations under global policy shifts and spillovers.

Patra warned that the global order is shifting away from the earlier rule-based framework--such as those under the IMF and World Bank--and that this is resulting in fragmentation of the trading and financial community.

On India economic momentum, Patra highlighted that between 2021 and 2025 the country has averaged 8 plus growth, adding that the cyclical dip in 2024-25 was temporary and that with a first quarter print of 7.8 per cent, India is resuming its upward trajectory.

At the event, Jean-Claude Trichet, Governor of the Bank of France and former President of the European Central Bank expressed confidence in India economic growth potential and underlined the importance of rule-based trade.

Comparing India growth with other nations, Trichet said, Well, the growth of India is very important. The ambition of India is to go even higher. And we will see the ambition is there. The quality of the people is there. (ANI)

Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.