| 18 of WEF's 'Global Growth Companies' are Indian | |
| India Economic Summit 2009 | | Rajiv Shirali / New Delhi November 8, 2009, 0:17 IST | |
The GGC Community was formed to engage high-growth companies with the potential to be tomorrow’s industry leaders and drive economic and social change.
Of the more than 200 companies from over 50 countries that form part of the World Economic Forum’s Global Growth Companies (GGC) Community, India today has the second largest representation, with a total of 18 GGCs. Indian GGCs come from every sector, with a strong representation in information technology and electronics, retail, consumer goods and banking.
The GGC Community was formed in 2007 to engage dynamic high-growth companies with the potential to be tomorrow’s industry leaders and become a driving force of economic and social change. The community provides a platform where leaders of the most dynamic organisations can jointly address the top issues they face in further developing their companies and contributing to economic and social development.
WEF selects companies on the basis of their revenue, growth rate, internationalisation and leadership. Membership is by invitation only.
Key selection criteria include: Annual growth rate exceeding industry and regional average by 15 per cent; minimum turnover between $100 million and $5 billion, depending on the industry; demonstrated growth potential; capacity and intent to build a global business; and exemplary executive leadership.
WEF’s Senior Director and Head of GGC, Jeremy Jurgens, explains, “Global Growth Companies meet regularly several times a year— once on the occasion of the ‘Summer Davos’ that takes place in China each Fall and then at various Regional Summits that the Forum hosts. Companies also convene in small-scale gatherings either physically or virtually throughout the year. This past year for example we have conducted virtual sessions on ‘Business Implications of the H1N1 Pandemic’ as well as ‘Building a Global Brand’.”
Says Rana Kapoor, founder, managing director and CEO of YES BANK, a member of the GGC community, of the opportunities created by such membership: “The objective behind establishing the Global Growth Companies (GGC) Community was to enable emerging multinationals to develop into the next generation of international corporate leaders.”
Kapoor explains that India has over the past few years made substantial progress towards achieving a robust financial system, and has been relatively resilient to exogenous global shocks. “I would like to believe that a young, dynamic, innovative growing organisation like YES BANK is consistently presented with unique opportunities that must be fully and persistently leveraged for growth and institutional development.”
Adds Harpinder S. Narula, chairman of DSC Ltd, an infrastructure company: “I look forward to this year’s summit and expect new opportunities and innovative policy guidelines to emerge, especially in the infrastructure sector, which is so vital for India’s GDP growth. As a Global Growth Company at the summit, we would be keen to explore new ways in which the private sector can contribute more strongly to the growth of infrastructure in the country.”
And according to Deepak Puri, chairman and managing director of Moser Baer India Ltd, a company that straddles the optical media, solar energy equipment, home entertainment, IT peripherals and consumer electronics markets, “The role of GGC companies is crucial, since they are growth companies and in that sense are flag bearers. Exchanging ideas with companies like ours in other parts of the world, who are going through the same issues and challenges that we are facing, and to learn from each others’ experiences is a wonderful opportunity.”
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