speech: towards a sustainable path: ensuring inclusive and green growth

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Speech by Rajat M. Nag Managing Director General Asian Development Bank “Toward a Sustainable Path: Ensuring Inclusive and Green Growth” at Indian Institute of Technology Bombay Mumbai, India 02 September 2013 I. Introduction Distinguished guests, faculty and students thank you very much for your warm welcome. It is an honor to be here at the Indian Institute of Technology Bombay. Thank you for inviting me to speak to you on the “challenges for emerging economies in balancing the economic growth aspirations with inclusive and green growth”. Today, I would like to share my humble thoughts with you in the context of Asia’s growing economic and political weight amidst increasing challenges to cope with in pursuing sustainable growth. Asia has pretty much consistently been in the fast lane. From the “green revolution” in agriculture in the 1960s and 1970s; to the period of rapid industrial development through the creation of joint-ventures and technology transfer; to the blossoming of external trade and investment via market-oriented reforms, particularly in the People’s Republic of China (PRC); and the huge leaps in productivity and efficiency brought on by the information age; Asia has pretty much been in the fast lane for the last 50 years. But Asia has now reached the point in its ongoing economic transformation where the quality of growth is as important —or in some cases more important—than the quantity of growth.

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Page 1: Speech: Towards a Sustainable Path: Ensuring Inclusive and Green Growth

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