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A review on India Economic Summit 2008

By Amarendra Bhushan for CEOWORLD Magazine Updated:November 17, 2008

India Economic Summit
New Delhi, India 16-18 November 2008
Securing India’s Future Growth

Co-chairs

Jeffrey Joerres
Chairman and Chief Executive Officer, Manpower, USA

Bachelor’s in Business Administration, Marquette University, Milwaukee. Formerly: management, IBM; Vice-President, Sales and Marketing, ARI Network Services. Since 1993, with Manpower including: Senior Vice-President, European Operations and Global Account Management; 1999, President and Chief Executive Officer; 2001, Chairman of the Board. Member of the Board: Artisan Funds and Johnson Controls. Member of the Board of Trustees, Committee for Economic Development. Co-Chair, CEO Diversity Committee, Greater Milwaukee Committee.

James H. Quigley
Global Chief Executive Officer, Deloitte, USA

BSc, Utah State University. Almost 35 years’ experience in professional services. Formerly, Chief Executive Officer, Deloitte US. Since 2007, Global Chief Executive Officer, Deloitte Touche Tohmatsu. Member of the Board of Trustees: Catalyst; Financial Accounting Foundation. Member: Business Roundtable and National Advisory Committee, Brigham Young University; Council on Competitiveness; US SEC Advisory Committee on Improvements to Financial Reporting. Co-Chair, Transatlantic Business Dialogue. Honorary DCS, Bentley College, Massachusetts, US.

B. Ramalinga Raju
Founder and Chairman, Satyam Computer Services, India

MBA, Ohio University. 1993, OPM programme, Harvard Business School. Member of Regional Advisory Board, Harvard Business School. Member of the Board: Indian School of Business; Administrative Staff College of India. Member: Executive Council, NASSCOM; Member, National Executive Council, CII; Chairperson, Apex Council on Diaspora, CII; National Executive Council, FICCI; International Advisory Panel, Malaysia’s Multimedia Super-Corridor. Founder: Satyam Foundation; Byrraju Foundation; Emergency Management and Research Institute. Interests: rural and urban transformation, improvement of livelihoods through technology, science and non-fiction.

Henri A. Termeer
Chairman, President and Chief Executive Officer, Genzyme Corporation, USA

Since 1983, current position. Director: ABIOMED, Massachusetts General Hospital; Biomedical Science Careers Project. Mutual Fund Trustee; Hambrecht and Quist Health Care Investors and Hambrecht and Quist Life Sciences; Trustee, Darden Graduate School of Business Administration. 1995-97, Chairman, Biotechnical Industry Organization. Director, BIO and PhRMA. Member of the Board, Massachusetts High Technology Council. Member, Board of Fellows, John J Kennedy School of Government; Board of Associates, Whitehead Institute. Chairman of the Board, New England Healthcare Institute.

Government, business leaders agree on need for rural skills development and improved education: Millions have been left out of recent progress in India despite the country enjoying an annual GDP growth in excess of 9%, said Kamal Nath, Minister of Commerce and Industry of India, at the World Economic Forum’s 24th India Economic Summit, held in partnership with the Confederation of Indian Industry (CII). “We have to look at how the growth process affects every section of society,” said Nath, adding: “the real India is also 300 million people [living on] less than one dollar a day.” Sustained growth depends on including those that live in poverty: “We’ve tapped one India; we now need to tap the other India.”

India needs greater efficiency and renewables to meet energy demands: India must improve energy efficiency and develop significant electricity-generating capacity through renewable sources and nuclear power if it is to meet its growing energy demand over the next 10-15 years. It also needs to reduce carbon emissions to address climate change, business leaders at the World Economic Forum’s 24th India Economic Summit said. “If India sustains a growth rate of 7-8%, there will be a huge energy shortage,” Adil Zainulbhai, Managing Director, India, for the global consulting firm McKinsey & Company, told participants at a plenary session on the second day of the Summit. Efforts to meet the shortfall will likely entail the use of low-cost, “dirty” coal and diesel fuel, he warned.

Quotes

“There is a lot of discussion in the media and among the public that this crisis shows the weakness or even the end of the capitalist system. We should not forget that the system of free markets and liberalization enabled billions of people to move out of poverty. We should look at entrepreneurship. The future will be the age of entrepreneurship. And one of the places where you find this spirit most is among the Indian business community.”- Klaus Schwab, Founder and Executive Chairman, World Economic Forum

“There should be a secondary education system where we have academic and skills development – that’s the real key.”- R. Seshasayee, Managing Director, Ashok Leyland, India

“Seven to eight per cent GDP growth is still a wonderful place to invest capital – people would be crazy to walk by this.”- Stephen J. Rohleder, Chief Operating Officer, Accenture, USA

“India has two basic problems: one is energy deficiency and the other one is energy inefficiency.”- Nand Khemka, Chairman, Sun Group, India

“This economy needs India at the table – it’s about the G20, not about the G7 or G8.”- James H. Quigley, Global Chief Executive Officer, Deloitte, USA

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