PM warns on globalisation

8220;The new global order will have to reflect the spirit of democracy in all its institutions 8211;above all in the United Nations, which is the most important global institution. Its democratisation is long overdue. This was the consistent theme of what most heads of state and government said at the recently concluded Millennium Summit of the United Nations,8221; he said.

Vajpayee, however, said that India will implement its policy of external liberalisation in a manner and pace which is consistent with the national needs.

The Prime Minister said the 20th century saw many nations bracing democracy 8220;without any prompting, persuasion or pressure. 8220;Let there be no doubt in anyone8217;s mind that democracy will triumph even in the few remaining outposts of autocracy8221;.

He said nearly two-thirds of humanity is yet to benefit from the fruits of globalisation even though the riches and the comforts of the remaining one-third have grown faster than before due to globalisation. Vajpayee said India was an example where the election has shown that the poor and the less educated are far more enthusiastic participants in the democratic process than their more privileged counterparts.

8220;Though democracy has now become a global idea and a global ideal, the question in the minds of many people around the world is: Has globalisation embraced the idea and the ideals of democracy. In other words democracy has been globalised but has globalisation been democratised?8221;

Vajpayee said the government would fully utilise the power of science and technology to modernise the economy and 8220;we shall fully seize the opportunities afforded by foreign investment and global trade to speed up our socio-economic development.8221; The conference was jointly organised by the Inter-parliamentary Union and FICCI.

India8217;s government has been criticised for going slow onsome aspects of its economic reform programme launched in 1991, particularly on privatising state-owned industries.

BJP has embraced the reforms started by rival Congress party. But it rode to power on a policy of quot;calibrated globalisationquot; which stressed defending domestic industries against unfair competition and altering reforms to suit National interests.

Successive governments have faced protests from opposition parties, labour unions and environmental groups over reform measures but several key sectors including banking, telecommunications and insurance have steadily opened up.

He said democracy had spread across the world, but those pleading for free-market policies had not been sensitive to the ideals of democracy. quot;Democracy has been globalised, but has globalisation been democratised?quot; he said.