Ahulwalia said, "There was a big shift in the last twelve months in the role played by Asia in rebuilding the Global Economy."
Ahluwalia, however, cautioned that with Asia's growing control over the world economy some of the industrialized world was making noises of protectionism.
"One of the key challenges that Asia would face would be the role it would play to control and lead the rules of the game." he said.
"Asia has to take over the world leadership in directing the global economy but was not yet ready. Asia still looks at US and Europe to play the lead role," he added.