According to Deepak Nayyar who is an economist and former vice-chancellor of the University of Delhi,” Asia will rediscover the economic energy that it had two centuries ago, driving in half the world’s income, further extending the perspective of power in Asia, and weakening Western hegemony. This notable shift in power, almost a century after the period of colonial rule in India, also professes challenges, explains Nayyar, who is also director of the Board of Governors of the Delhi-based Think Tank Center for Developing Society Research (CSDS).
Nayyar questions the fixed view that active markets are a magical solution to the requirements of the economy and that management must play an important role in tackling the major difficulties like steadfast poverty, rising inequality, and growing unemployment. Nayyar argues that India should “re-industrialize” China’s disputes and set them apart to revise the global economic rules that were set out about 75 years ago when Asia had no room at the summit of the economic powers.
In the book named ‘Resurgent Asia: Diversity in Development’, Nayyar addresses that despite wide differences among Asian countries, there are obvious discernible patterns.
He stated in the book about Asia, “It can be a much safer and independent place in the world. But it all depends on how Asia uses the possibilities and opportunities and how it tackles the hurdles. You can’t predict, but I believe Asia will be back to its 1820 level by 2040, if not earlier, in terms of the world income part. When countries have huge amounts of work, they develop much faster when the excess output is consumed. That involves job creation. The biggest hurdles in Asia are tenacious poverty, increasing disparity, and rising unemployment. Absolute poverty is expected to be abolished in Asia by 2030, even in nations like India. However, rising inequality and unemployment growth will profess a major problem that will pose the main challenges for business and politics. The performance of the government will be important in the next 25 years.
Nayyar is a retired vice-chancellor of Delhi University and Esteemed Professor of economics at Jawaharlal Nehru University. He is also a former Distinguished University Professor of Economics and is currently working as an independent executive on the Board of Directors of Press Trust of India.