India Economic Summit: Day 1
India Economic Summit: Day 1
Finance Minister Pranab Mukherjee greets the delegates and members at the India Economic Summit jointly organised by the Confederation of Indian Industry (CII) and World Economic Forum (WEF)
At the same session, World Economic Forum's founder and executive chairman Klaus Schwab outlined some of the shared values that are likely to emerge in the new paradigm ranging from the rise of the next generation to a redefinition of work environment.
Finance Minister Pranab Mukherjee today said that the Indian economy was poised to return to the 9 per cent growth path despite signs of a slowdown in the manufacturing sector for the last few months.
Sunil Bharti Mittal,chairman and group ceo bharti enterprise,Rajat Nag-MD-General,ADB,Manila and Hari Bhartia,president CII
The leaders said that India's growth was not pre-ordained and like China and the rest of Asia India must work to avoid the middle-income trap. For this, they said, it was crucial to foster innovation and impart education and employable skills, as this was essential to promote equitable growth and also to prevent social unrest.
Rakesh bharti Mittal(left) and Hari Bhartia
It was observed that India came out of the worldwide economic meltdown relatively unscathed, and was enjoying a high rate of economic growth, but innovation, skill creation and infrastructure creation was the key to inclusive growth and that the manufacturing sector was most likely to absorb the large number of people entering the workforce each year.
In addition to education and training, healthcare is essential for an employable workforce, the leaders said.
From Left: Ajit Gulabchand,CMD,Hindustan construction,Sanjeev Chadha,Chairma & CEO,PEPSICO India Holdings,Amrita Cheema,Anchor,Deutsche Welle TV,Germany,Harish Manwani,president,Asia Africa,central & Easter Europe Unilever,Singapore,Montek singh Ahluwalia,Dy Chairman,planning Commission and Arjun Thapan,Special Sr Advisor to the ADB President for Infrastucture and water,Asian Development Bank,Manila
Rahul Bajaj at the conference seated among other dignataries present at the India Economic Summit
The large capital inflows of the country is getting should go into long-term investments and ensure an inclusive growth, said the leaders at the opening session. The leaders also noted that the Indian rupee will rise in the long term, and that to control inflation over the medium to long term, India must fix supply-side issues such as the infrastructure deficit.
The current calendar year has also been the best in terms of annual FII inflows. According to market regulator Sebi, FIIs have been net buyers at about $30 billion in equities so far this year. Policymakers and top economists have said the country could absorb flows over $70 billion.
After last year's elections, the government had set a target for 10 per cent growth, but double-digit inflation, rising commodity prices and deregulation threaten this course. The session titled, India Econom
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