Railway Minister Suresh Prabhu, stressing the need of globalization has said that India also needs to focus on “global competitiveness” for the growth of its economy. Prabhu cited the example of China and said that one country which has immensely benefited from globalisation is China. He said China prepared a strategy to be a member of WTO and then realised that if it joined WTO, there were two possibilities-our market will be flooded with foreign goods, 'but why not we flood our goods in foreign countries- that is what happened.'
Suresh Prabhu further stated that economic growth rate cannot be accelerated unless there is an element of competitiveness and said that India has been witnessing low growth, high poverty, low economic development and no social development, 'How do we get out of this malice is - one thing we should keep in mind, that is we must accelerate growth in our own country.'
In a separate development the Railway Minister hinted that there may not be any cut in train fares in spite of the fall in diesel prices. Prabhu said the government has a new programme and a strategy, which he will announce in the coming railway budget.