Sushant Palakurthi Rao, who heads the Forum's Asia team with responsibility for developing relationships with industry, government and institutions in Korea, South Asia, Southeast Asia and Japan; as well as responsibility for marketing of the Forum's regional events in East Asia and India, traces the quarter century of the Summit in an interview with Rajiv Shirali. Edited excerpts:
In the early (pre-liberalisation) years, would it be correct to say that holding the event year after year must have been an act of faith more than anything else?
We were very committed to the vision of the late Prime Minister Rajiv Gandhi, who invited the Forum in 1984 to create a platform with which we could show the world that the country was ready to come out of years of isolation and move toward a trajectory of modernisation and inclusive growth. By 1991, following the introduction of unprecedented economic reforms, it was clear that the interactions we had facilitated between government and business leaders from India with those from outside India were having an impact and turning into actions.
Has the global financial meltdown-cum-recession cast a shadow over the current edition of the India Economic Summit as well?
Despite the severity of the global economic crisis, India is one of the few economies to have posted positive GDP growth above 5 per cent in 2009. With its vast domestic market, comparatively less export dependency and relative macroeconomic stability, India's economy has proven resilient in this challenging global context. Domestically, the outcome of the national elections in May signalled the possibility for political continuity.
Next to its strong economic fundamentals, India’s youthful population call attention to a demographic dividend which could see India become a hub for manufacturing, technological innovations and education, amongst other things. We are confident that India can sustain its growth, but so long as proverbial challenges which include infrastructural deficits, income disparity and climate change are addressed.
What is the significance of this year's theme - ‘India's Next Generation of Growth’?
We are seeking to capture both the generational and the economic dimensions of the challenges to India's future growth. On the one hand, it is expected that more than half of India's population will be under 25 years of age within five years time. India’s young population is setting the bar even higher for addressing challenges to India's growth and will expect implementation of solutions with the same tempo which has characterised the past two decades of India's growth.
For this reason, the programme is not only examining the impact of the global economic crisis, but also addressing a variety of salient topics that will shape the future of India’s young population including access to affordable housing, education and skills development, financial empowerment of the poor and development of female talent.
The Forum’s annual event in China has come to be called Summer Davos. What are the chances of the Indian Economic Summit acquiring a similarly strong brand identity?
Already, the India Economic Summit has become an institution, not only for the Forum, but also for leaders from across India. In fact, through this long-standing partnership, India now boasts the Forum’s largest membership base in all of Asia including 20 Global Growth Companies. At our last Annual Meeting in Davos, the Indian delegation including Social Entrepreneurs, Young Global Leaders, Spiritual Leaders, Media Leaders and Cultural Leaders comprised 73 participants, making it the largest Asian delegation.
What is the reason for not having any India Risk Report this year?
Because we are celebrating 25 years of our partnership in India, it is an opportune time to do an India Competitiveness Review instead. With the launching of this report, we wanted to highlight the remarkable progress which India has achieved in 25 years, but also highlight that there is significant room for improvement to ensure strong and inclusive economic growth in the coming years.
The Forum's Global Competitiveness Index (GCI), which forms the basis for the findings, is an invaluable tool for identifying and measuring the obstacles and drivers of India's productivity and competitiveness. It also allows for insightful comparative analysis with relevant countries and regions.