India cannot become a superpower if there is too much poverty

June 6th, 2008 - 2:38 pm ICT by Amrit Rashmisrisethi  

He is unarguably one of the most brilliant economists of our time. And, most likely, the next Indian to be awarded the Nobel Prize.

Jagdish Bhagwati says, This is not the end of globalization. In 1972 when there was a similar food crisis, many countries used export controls. Gobalization continued thereafter. Under WTO rules, export taxes are freely permitted and even export controls can be imposed after using certain procedures jusitfying such controls. The world food crisis would begin to ease once environmentalists and governments accept the need to have genetically modified(GM)seeds and we will have to get away from bio-fuels and resort instead to nuclear power.

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