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Prime Minister: Rapid economic growth essential to solve ‘Mass Poverty’ problem

Posted by on February 6, 2011 0 Comment

Hyderabad, Feb.6 (NSS): The Prime Minister, Dr. Manmohan Singh on Sunday said that the developing countries need a legal system which was conducive both to rapid economic development and which also has a built in mechanism to promote an equitable distribution of gains from development.

Inaugurating the 17th Commonwealth Law Conference at HICC here, Dr Manmohan Singh said that it  was his firm belief that meaningful solutions to the problem of mass poverty that prevails in many developing counties can be found only in the framework of a rapidly expanding economy. Rapid economic growth therefore is a prime necessity. To that end, it was necessary to create a macro-economic environment which was conducive to the promotion of savings, investment, entrepreneurship, innovation and the management of rapid technological changes. “A sound legal system based on the rule of law and effective and speedy contract enforcement were major determinants of a favourable macro economic environment that I have been talking about”, he said. At the same time, it was also necessary to ensure  that the fruits of development are distributed equitably, he reminded.

The Prime Minister opined that the theme of the conference “Emerging Economies – Rule of Law: Challenges and Opportunities” was specially relevant today when a new global architecture was taking place and there was restlessness in the air in many developing countries. The ability of emerging economies to be a partner in shaping the new international order in the 21st century would be determined to a large extent by the choices they make with respect to their systems of governance as well as the legal and institutional structures they devise for enforcing the rule of law, he added.

“While the policy preferences that countries make are invariably rooted in the realities of their history, politics and culture, the fact of globalization and the challenges that the world community faces as a whole demand a purposive alignment of domestic policies and laws with the evolving international laws and norms”, Dr Singh stated.

He felt that the international legal system should address common challenges facing the countries including international terrorism, poverty, malnutrition amidst rapid growth, protection of human rights, climate change, energy security. Indeed, the rule of law can no longer be divorced from “global policy languages”, he felt. The twin challenges of fostering law bound states and law based international environment will engage the attention of this august assembly, he hoped.

He said that India was a shining example of constitutionalism and the rule of law. India’s Constitution was not only one of the most comprehensive documents of its kind in the world, but one whose every phrase has been animated by vibrant and dynamic judicial interpretation. It was not a bare text, but a living, evolving organism. Constitutional jurisprudence, generally, has struck a balance in favor of perceived social good. Well known legal doctrines have thus been reinterpreted in the context of the legitimate demands of social justice, inclusive growth and redressal of historical injustices or imbalance within India’s fast transforming economy and polity, he added.

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