India Economic Summit

India: Meeting New Expectations
New Delhi, 26-28 November 2006

Download the summit report

The theme of this year's Summit was "Meeting New Expectations". It brought together more than 600 business, political and civil society leaders from over 30 countries. The theme reflected the increased emphasis on the role of state governments and public-private partnerships in fulfilling India's future growth objectives.

Video of the Sonia Gandhi Plenary
Monday 27 November

From the meeting:

 India Economic Summit sets agenda for building infrastructure, talent pool
 Prime Minister Singh meets leaders from India Economic Summit
 Broadband key to development and growth, say telecoms chiefs
 Innovation incentives to be given to science and business communities
 FBI says India is partner in fight against terror
 Call for partnerships with business for action on HIV and TB
 Vikram Akula is the Social Entrepreneur of the Year 2006 in India
 Investors endorse India as increasingly attractive for business
 India can use diversity, democracy to mitigate risks to growth

Monday 27 November

 India Economic Summit sets agenda for building infrastructure, talent pool

Kamal Nath, Minister of Commerce and Industry of India, told participants and fellow panellists at the closing plenary of the World Econoimc Forum’s 22nd India Economic Summit that, “the great champions of globalization have now started shirking globalization. Whereas India, which was not a great champion of globalization is talking about globalization because we are getting competitive.”

The summit, which was held in partnership with the Confederation of Indian Industry (CII) from 26 to 28 November, brought together more than 600 business, political and civil society leaders from over 30 countries to focus on the theme "Meeting New Expectations". The theme reflects the increased emphasis on the role of state governments and public-private partnerships in fulfilling India's growth objectives.
India Issues Survey | Press release

 Prime Minister Singh meets leaders from India Economic Summit

Prime Minister Manmohan Singh discussed his reforms with Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, and business leaders from the India Economic Summit at his 7, Race Course residence. He praised the World Economic Forum, saying that it had helped familiarise the international economic community with the progress in India.

 Broadband key to development and growth, say telecoms chiefs

“2007 will be an important year for the roll out of broadband in India,” said Shakeel Ahmad, Minister of State of Communications and Information Technology of India. He predicted that broadband will be a key initiative in the provision of social services such as e-education.

The development potential of broadband was also picked up by Francois Barrault, President BT International, BT, who said that “it’s good to have broadband in the capital but its even better to have broadband in the countryside where it will generate jobs.”

Session summary

 Innovation incentives to be given to science and business communities

“To monetize innovation we are going to give incentives to the scientific community, “ said Kapil Sibal, Minister of Science and Technology and Earth sciences of India, during an India Economic Summit session. He stressed the need for investment from the outside and tax incentives in promoting innovation as India, “does not have huge public funds to promote innovation in our universities.”

Sibal was speaking in response to Hari Bhartia, Co-Chairman and Managing Director, Jubilant Organosys, India, who had noted that, “What lacks here is a system of grants. When you have an idea it needs funding at an early stage.”
Session summary

 FBI says India is partner in fight against terror

At a session devoted to relations between the US and India, John Pistole, Deputy Director, Federal Bureau of Investigation, USA, said that India is perceived by the US as a partner in fighting terrorism. He called the relationship a "strategic partnership, and these can be made more meaningful through collection, analysis and sharing of information."

Gautam Thapar, Chairman, Ballarpur Industries, India, said that before the Civil Nuclear agreement, reliability was an issue, but the US is fast recognizing India as a technological partner.
Session summary

 Call for partnerships with business for action on HIV and TB

At the World Economic Forum’s India Economic Summit, Dr Anbumani Ramadoss, Minister of Health and Family Welfare of India and Indian business leaders emphasized the need for partnership models for business action on HIV and TB - epidemics that kill approximately 1000 people each daily in India. One such successful model is the India Business Alliance to Stop TB, a public private partnership catalysed by the Forum’s Global Health Initiative whose programmes reach 4 million people allowing for thousands of patients to be treated.
Press release I India Business Alliance | Session summary

 Vikram Akula is the Social Entrepreneur of the Year 2006 in India

Vikram Akula, Founder and CEO of SKS Microfinance Private Limited, has been named the India Social Entrepreneur of the Year. Sonia Gandhi, Chairperson of the United Progressive Alliance and President of the India National Congress, presented the award to Dr Akula during the World Economic Forum’s India Economic Summit. Dr Akula said, "This award is an affirmation of the entrepreneurial spirit of the poor women working across India."
Press release I Session summary 

 Video of the Sonia Gandhi Plenary 

 Investors endorse India as increasingly attractive for business

Kamal Nath, Minister of Commerce and Industry in India, has thanked global business leaders for their continuing optimism and confidence in India. “The resilience of Indian business has happened despite the bottlenecks and despite the government because it is private sector driven,” he said.

Hans-Joachim Körber, Chairman and CEO, Metro, Germany, agreed that the investment environment in India was continuing to improve but also mentioned the potential of the agriculture sector as an increased growth area. “India is potentially one of the most important food factories of the world,” he said.
Session summary

Sunday 26 November

 India can use diversity, democracy to mitigate risks to growth

The Minister of Finance of India, Palaniappan Chidambaram, has opened the India Economic Summit in New Delhi with a discussion on the top risks to India's growth. He identified HIV/AIDS as the most "frightening" of the risks listed in a new report by the Forum's Global Risk Network. On the issue of oil shocks, he said: "The world must come to terms with the fact that oil producing countries are exploiting the requirements of oil consuming countries. India is being robbed of at least 1% growth because of high oil prices. I think this is the gravest injustice that can be done."

India is at least lucky, said Alabbar, in that it lies within a pipeline of the world’s most energy-rich region, the Middle East. But given the rising cost of energy imports, India cannot hesitate to pursue alternative forms of energy, the panellist said, and to reduce energy waste. “Our intensity of energy usage has to come down,” said R. Seshasayee, Managing Director, Ashok Leyland, India; President, Confederation of Indian Industry.

The India Economic Summit is being held in partnership with the Confederation of Indian Industry (CII) from 26 to 28 November and brings together more than 600 business, political and civil society leaders from over 30 countries. The theme of this year’s summit is "Meeting New Expectations," reflecting the increased emphasis on the role of state governments and public-private partnerships in fulfilling India's future growth objectives.

India Risk Briefing I Press release I Session summary

Quotes

“Huge success breeds complacency and what the industry has to be doing is shaking this complacency. If we don't keep improving ourselves, the Chinese will have us for lunch.”

Azim H. Premji, Chairman, Wipro, India

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"The agriculture sector will be India's powerhouse of tomorrow. It represents a business perspective as well as a social one."

Jyotiraditya Scindia, Member of Parliament, India

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"Today the doubt is not can we grow fast, but can we make it inclusive."

Montek Alhluwalia, Deputy Chairman, Planning Commission, India

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"Our experience especially in the food sector is that there is a huge mindset change. Corporations wouldn't go directly to buy from the farmer. We have the potential to increase the income of the farmer multifold."

Mukesh Ambani, Chairman and Managing Director, Reliance Industries, India

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“India is an idea whose time has come. And the only way for both India and the US to proceed forward is to proceed on the basis of mutuality. The clincher will be the US-India nuclear trade agreement."

Ashwani Kumar, Minister of State, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, India

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"This is a great affirmation for the microfinance movement. It is an award for the poor and an acknowledgement of their entrpeneurial spirit."

Vikram Akula, Founder and CEO of SKS Microfinance Private Limited, Social Entrepreneur of the Year 2006

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Ralph Peterson, Chairman and CEO, CH2M Hill Companies, USA

Co-chairs
Mohamed A. Alabbar, Chairman, Emaar Properties, United Arab Emirates
Mukesh D.  Ambani, Chairman and Managing Director, Reliance Energy Ltd
Peter Bakker, Chief Executive Officer, TNT, Netherlands
Graham Mackay, Chief Executive, SABMiller, United Kingdom
Nandan M. Nilekani, Chief Executive Officer and Managing Director, Infosys Technologies Ltd., India
Michael Rake, International Chairman, KPMG; United Kingdom

Interview
Lee Howell, Director for Asia at the World Economic Forum, comments on the forthcoming India Economic Summit.

For more information, please contact:
india@weforum.org