WEF, CII reunite to host India Economic Summit

The theme is "Redefining Public-Private Co-operation for a New Beginning"

About 700 policymakers, industrialists, representatives from civil society and academia from 45 countries will deliberate on inclusive growth and competitiveness at a three-day India Economic Summit, being organised by the World Economic Forum (WEF) and the Confederation of Indian Industry (CII), from Tuesday.

However, the first day's working sessions will not be open to the media. Finance Minister Arun Jaitley, who will not be present on the first day, will open the event on Wednesday.

Besides Jaitley, Telecom Minister Ravi Shankar Prasad, Power and Coal Minister Piyush Goyal and Human Resource Development Minister Smriti Irani will address the event.

However, Prime Minister Narendra Modi is not slated to visit the event.  “ The Forum has invited him. He has not accepted it. It  is his prerogative. His November calendar is busy," an official said.

However, organisers said the theme of the summit is “Redefining Public-Private Cooperation for a New Beginning”.

“Business leaders are keen to engage with the government and see  how it plans to restart the investment cycle, revive demand and convert the first signs of revival into a full-fledged recovery,” said CII Director-General Chandrajit Banerjee.

Among the corporate honchos attending the summit are: James Hogan,  president and chief executive officer of Etihad Airways; Yorihiko Kojima, chairman of Mitsubishi Corporation; Uday Kotak, executive vice-chairman and MD of Kotak Mahindra Bank; Anand Mahindra, CMD, Mahindra and Mahindra; Bhaskar Pramanik, chairman of Microsoft Corporation India; Sunil Bharti Mittal, chairman, Bharti Enterprises; Adi Godrej, chairman, Godrej Group; and Sanjiv Mehta, CEO and MD, Hindustan Unilever.

WEF Director, Head of India and South Asia Viraj Mehta said, “India's progress depends fundamentally on the ability of its leaders to take bold decisions necessary to transform the country's economy and society. By bringing together leaders from politics, business and across the society, we hope the summit will offer an environment where such  decisions can be  catalysed.”

Organisers said the event is being organised against the backdrop of significant economic growth and progress in reducing poverty in most parts of India, but also persistent inequality.

Inclusive growth, competitiveness will top the agenda of the summit, organisers said. The programme is built on three pillars — boosting global competitiveness, launching a domestic systems reset and scaling local and social innovation.

It is after two years that WEF and CII came together to host India Economic Summit. WEF had organised the event under a  different name, WEF on India, in 2012 on its own.