Welcome remarks by Dr Arvind Gupta, Director VIF during the Vimarsh talk on ‘Global economic crisis: Implications for India’ by Dr. R. Vaidyanathan on Monday, 21 Oct 2024

Dr R Vaidyanathan,
Sh S Gurumurthy Ji,
Members of strategic community,
Ladies and Gentlemen,

It gives me great pleasure to welcome you all to today’s Vimarsh talk by Dr R Vaidyanathan on a very interesting subject titled ‘Global economic crisis: Implications for India’.

Dr Vaidyanathan alongwith Sh S Gurumurthy, Sh Ajit Doval and Mr Mahesh Jethmalani prepared the first black money report in 2009 and submitted the then government.
Global economic crises have several dimensions, which impact India.
I would like to flag a few issues. Some of these are:

• China’s rise has skewed the global economy. Its overcapacity is a threat to all countries.
• Trade and tech wars have intensified.
• Indebtedness increasing including in the most developed countries.
• Sanctions are being used as geopolitical tools.
• Transition to net-zero will prove to be disruptive.
• There is acute crises in Rule Based Trading (WTO)
• Rise of crypto currencies and virtual assets present serious challenge to financial stability.
• The impact of climate change on global economy as extreme weather events become more frequent, sea level rises and global weather becomes unpredictable.

How should India deal with these issues? I request Dr R Vaidyanathan to address us.