Manipal: “While economic challenges faced by each Asian country are unique and there is no one-size-fits-all future trajectory of economic development, there is worldwide recognition of the fact that most Asian economies, including India are poised to attain sustained long-term growth, notwithstanding some short-term policy challenges,” observed Union Finance Minister Pranab Mukherjee.

He was speaking at a national seminar on “21st Century as the Asian Century: Role of India and China” organized by Manipal Centre for Asian Studies at Fortune Inn Valley View, on May 26, Saturday. He further said the sovereign debt crisis in the Euro Zone has deepened without a decisive resolution in sight. In this context, the growth performance of Asian Economies in the short to medium term is crucial not only to keep the engine of global growth running but also to haste recovery from the present global sump, Mukherjee added.

With a reasonably quick recovery, emerging economies in Asia are generally better placed vis-à-vis other emerging economies to withstand the fresh round of global economic turmoil, he said.  Existing divide between advanced and developing Asia must be bridged to make the 21st century an Asian Century, Pranab Mukherjee observed.

Manipal University Chancellor Ramdas Pai was among other dignitaries present on the occasion.

The Union Finance Minister also inaugurated the   Academic Block at the Manipal Institute of Technology, Manipal.