A SHIKSHIT BHARAT FOR THE FUTURE

In the new world order, AI tech and skills are the future. Allow our entrepreneurs to compete globally in sectors we can afford to open. This government's policy must shift toward building the nation's future

- KAPIL SIBAL

I just returned from Dubai. I was amazed at how an arid land, as it once was, has been converted into an international hub-a city throbbing with activity and ever-expanding, with an Emirati population of around 2,55,000, representing less than 12 percent of the total population. The transformation, driven by its policies that welcome investment and make it a safe haven, is phenomenal.

Within the Arab world, Abu Dhabi, Saudi Arabia, and others are fast modernising their economies. They are now developing education hubs, embracing technology, leveraging the wealth generated by oil and gas to attract investment, and transforming their economies in a changing and challenging global environment. Dubai, without oil as a resource, has achieved this.

On the other hand, the enormous strides China has made in the last 35 to 40 years are mind-boggling. There was a time in the 1980s when both the Indian and Chinese economies were lagging and part of the less developed world. Today, China is, without doubt, in contention for global leadership. Though the slowdown in their real estate sector and the decline in domestic consumption have negatively impacted their growth, investments in technology and innovation across sectors will catapult China to a leadership position in the world.

The rare earth minerals they possess, necessary for vital sectors of the global economy, give them the leverage they use strategically to withstand the challenges posed by US President Donald Trump as he seeks to transform the global economic order. The US, in the near future, will have to reach a settlement with China on its terms of trade, including the extent of the tariffs to be imposed and a quid pro quo for rare earth minerals.

A trip to China makes you marvel at the pace of its economic growth. They are decades ahead of us on all fronts.