'Developing nations must unite to protect mkts'

Bangalore, May 18: Karnataka Deputy Chief Minister B S Yediyurappa today called developing countries to come together under one umbrella to protect the interests of its people and markets and leave no stone unturned to ensure that equity was achieved on all fronts.

Speaking at the valedictory function of the conference on ''Where is Globalisation Heading?'' here, he said it was fair to infer that globalisation backed with the policy of economic liberalisation had impacted the country's economy positively in terms of increased foreign exchange reserves, FDIs, increased private participation and strengthened IT sector.

''But we need to follow the path of caution, particularly keeping in view the interest of the developing economies like ours, in terms of impact of globalisation in critical areas like employment, incidence of poverty, composition of employment, growth of employment and productivity of employment which are very essential from the equity angle of development,'' he added.

Mr Yediyurappa opined that the process of globalisation warranted serious thinking and early action.

He also called upon the delegates to focus their attention on certain critical indicators with regard to Karnataka to analyse the impact of globalisation.

Speaking on the occasion, Karnataka High Court Chief Justice Cyriac Joseph said it was not possible to reverse the process of globalisation, but it was possible to maximise the benefits and lessen its ill-effects.

He said ''All our transactions and activities in this new atmosphere should be guided by justice and only justice can help building a just society and a just world.'' The five-day conferance was organised by the London-based 21st Century Trust and the Karnataka Legislature. Delegates from 17 countries took part in the deliberations on various aspects of globalisation.

UNI