Implementation of fiscal reforms has witnessed continued lowering of tariff barriers world over. Revolution in IT has made the world smaller and there by introduced quality competition in products. Competitiveness has led to continuous innovation and need for cost consciousness. This has led to the trend of outsourcing in business. As the world has grown smaller, consequent socialisation and sharing of affluence by the developing countries like India and China has created a new situation. Huge population for Asian countries is no more a liability. It has rather turned into a boon because of availability of cheap labor in these countries. Simultaneously, there has also been boost in migration of population as skilled labor force is being lured by the developed countries from the developing ones. There has been constant dilution in immigration legislation by the developed countries as cheap skilled labor is in heavy demand every where.

Mr Chaturvedi however, warned that the new situation though comforting for developing nations, has posed quite a few dangers and challenging situations. With fruits of prosperity being shared by the so far ‘have nots’, the share for those living in developed states has shrunk creating unemployment situation for many. Pruning of monopoly has left these so far affluent groups with a bad taste and many racist hate groups have emerged protesting against migration of foreigners and some calling for complete halt to migration of people from other countries.

Mr Chaturvedi said APROS conference delegates should debate all the issues consequent to globalization and come out with far reaching solutions.

Earlier, welcoming the delegates to the conference, MDI Director, Dr Sujit K Basu said, the world today is passing through an interesting phase and technological revolution has made the concept of global society a reality. Optimality of scales and costs being of extreme importance today, emphasis is on continuous innovation.

Dr Basu said, 20 per cent of global commerce today is contributed by China, India and countries in Central and East Europe, and Latin American countries. Time is not far when these so far unheard of share holders should command even 50 per cent share of the global commerce. India that had growth rate of meager four per cent not much time back, now commands 10 per cent growth today.

Mr Basu stated that Indian economy though at par with economies of some of the developed countries today, faces some serious challenges. One of them is in the field of education. As both domestic and foreign industries have become knowledge based, there has to be much higher investment in education sector. He also called for importance to be given to health care especially in rural areas. Industry now has not only to be sensitive to practical issues like safe and salubrious working conditions, but also be providing active participation to workers in delivering health care opportunities.

Dr Basu called upon the APROS to analyze and attempt solutions to various issues consequent to the changing fiscal scenario and global practices.

More than 200 delegates from South East Asian and Latin American countries and India are attending the 12th APROS conference. The three-day conference will conclude on December 12, 2007