World beats a path to India's door

INDIA ECONOMIC SUMMIT 2006

The participation of 600 participants from 32 countries is a clear indication of India's growing international profile and the confidence of the global business community in the country.

The 22nd annual edition of the the Indian Economic Summit got underway in Delhi on Sunday with more than 600 participants from 32 countries, amid the backdrop of India's growing international profile as a result of galloping GDP growth, rising FDI inflows and exponential growth in the value of India's overseas acquisitions.

A few days ago R Seshasayee, President of the Confederation of Indian Industry (CII), spoke for business and government leaders alike when he said the tremendous response received from the global business community-- more than 350 CEO and board-level participants from over 200 overseas companies from 32 countries-- was a clear reflection of its increasing interest and growing confidence in India as an investment destination.

"The Summit has now become a recognized platform for discussing and debating issues that shape India's economic future," he had said.

The theme of this year's summit is 'India: Meeting New Expectations'. The participants, comprising business and government leaders, will help shape the country's growth agenda.

The theme reflects the increased emphasis on the role of state governments and public-private partnerships in fulfilling India's future growth objectives.

A number of events have combined to give India higher global profile-- the India Everywhere campaign launched at WEF's 2006 annual meeting in Davos, Indian co-chairs and strong Indian participation in China and East Asia meetings, and partner country status at the Hanover Trade Fair, where the India Brand Equity Foundation organised a number of activities.

Yet, the flip side of this profile is the corresponding growth in expectations on the part of foreign and domestic investors and other key stakeholders alike. The economy's growth rate has averaged above 7 per cent over the past three years, yet future expectations for growth are even higher.

At last year's summit, Prime Minister Manmohan Singh underscored that India should be targeting 10 per cent growth if its savings rate improves, agricultural output increases and infrastructure is substantially upgraded.

Government leaders who will address the Summit include Sonia Gandhi, Chairperson of the United Progressive Alliance, who will speak on the theme of "Meeting New Expectations"; Prime Minister Manmohan Singh, who will also meet a select group of participants; Finance Minister P Chidambaram; Minister of Commerce and Industry Kamal Nath; Minister of Petroleum and Natural Gas Murli Deora;, Minister of Science and Technology Kapil Sibal; Agriculture Minister Sharad Pawar; and Deputy Chairman, Planning Commission Montek Ahluwalia.

Also this year will see as many as five chief ministers-- of Maharashtra, Rajasthan, Punjab, Bihar and Delhi-- attending the summit, something not seen earlier.

One of the innovations is that they will speak at the main sessions along with their Central government counterparts. A lunch is to be organised around each of the chief ministers, so that the business community can understand the states better.

The programme is organised under four thematic pillars. 'State and National Competitiveness' will examine how policy-makers aim to improve the environment for business growth at the state and national levels; 'Managing Growth' will explore how states, industries and companies are adapting to changing political, economic and consumer expectations; 'Infrastructure Development' will examine how policy-makers and CEOs are developing the country's hard and soft infrastructure and implementing public-private partnerships; and 'Risk Management' will examine how to address some of key challenges to future growth.

'India@Risk', a joint briefing by WEF and CII, which examines six global risks as being critical to the future of India, will also be released.

The summit has six co-chairs: Mohamed A Alabbar, Chairman, Emaar Properties, United Arab Emirates; Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Ltd; Peter Bakker, CEO, TNT, Netherlands; Graham Mackay, CEO, SABMiller, UK; Nandan M. Nilekani, President, CEO and Managing Director, Infosys Technologies; and Michael Rake, International Chairman, KPMG, UK.