07 NOV,2022 | MEDC
In today's world of rising global economic uncertainty, policymakers in India’s finance and banking sector should resist the lure to follow the herd. Research studies have shown that cross-border flows of private financial capital do not always support sustained economic growth. There could be benefits from financial globalization, but they are too fickle to offset the costs of sudden shocks, capital flight, and the loss of domestic policy control. There is much to learn from China in this regard. It is one of the few large economies still able to use domestic policy to cushion itself against the current global financial turmoil. A long-term perspective is necessary. It is wily to back financial globalization initially and then oppose it when it does not produce the desired results. Science and technology are global in their scope, but finance is mostly local/national in its. It is up to our policymakers to decide where to draw the dividing line.
*Picture Credit: Google
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Interactive Meeting with Mr. Jaykumar Rawal Hon'ble Minister for Tourism & Employment Guarantee Scheme Govt. of Maharashtra