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India Economic Summit

Building Centres of Excellence
New Delhi, 2-4 December 2007

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Page 3

Page 4
Summary: Building Centres of Excellence

Page 8
State and National Competitiveness

Page 10
Inclusive Growth

Page 14
Infrastructure Development

Page 18
Risk Management

Page 22
Building Centres of Excellence in the WorkSpace

Page 24
2 | India Economic Summit

The theme of the 23rd India Economic Summit, and global insight from among its community of
Building Centres of Excellence, acknowledged India’s stakeholders. There was perhaps no better symbol of
remarkable achievements in creating highly competitive this spirit than the introduction of the WorkSpace to the
and innovative companies. But more importantly, it also India Economic Summit, which offered a unique
underscored the challenge of extending that success collaborative environment for decision-makers to co-
beyond traditional industry, urban and academic design responses to address the big challenges of today
centres to rural communities, where 70% of the and tomorrow. A series of highly interactive and
population still resides. The record 800 leaders from professionally facilitated WorkSpace sessions focused on
business, government and civil society, representing such topics as expanding India’s competitive edge,
over 40 countries, were in strong agreement that, developing a strategy for climate change, leveraging
without building centres of excellence in new domains innovations from social entrepreneurs and building the
and states, the country’s economic and demographic new Indian multinational. We also published the
strengths could transform quickly into weaknesses in a India@Risk 2007 report in collaboration with the
highly-competitive global economy. Confederation of Indian Industry (CII). And, for the third
consecutive year, the Schwab Foundation for Social
Tellingly, there was no evidence of complacency setting Entrepreneurship presented the India Social Entrepreneur
in as a result of the country’s record GDP growth, of the Year Award for 2007 on the occasion of the
strengthening currency and historically high equity Summit. We look forward to continuing to build on these
markets. Indeed, the challenge of spreading higher successful initiatives in the coming years.
growth across more state economies and developing
industries, and into rural areas, was seen as remaining As you read the key points and data presented in this
for a generation or more. Therefore, the mood at this report, we look forward to hearing your thoughts and
year’s Summit was about how to get things done in welcome your suggestions as we prepare the
these areas, sooner and faster. programme for the 24th India Economic Summit,
scheduled for 16-18 November 2008. The challenges
Discussions did not focus, as in the recent past, on faced by India, and the world for that matter, are more
how to achieve greater consensus among industry, complex, interrelated and intractable than ever before.
state and national leaders around key growth With over two decades of commitment to addressing
challenges, but were directed instead at adopting and these challenges, we hope that the India Economic
scaling grassroots innovations that are delivering faster Summit can continue to serve you as an important
and greater results on the ground. platform for collaborative thinking and creative solutions.

It was in this spirit of getting things done faster that the W. Lee Howell
India Economic Summit programme was designed to Senior Director
tap into the collective intellect, on-the-ground experience Head of Asia and Global Agenda

3 | India Economic Summit
Building Centres of Excellence

“ As long as advanced and developed
economies have an edge over
developing countries in knowledge,
“ The greatest challenge facing India is
to build an effective, efficient, scaleable
and sustainable infrastructure for this

financial and material resources, “ fast-emerging economy.
I do not think we should rush to the
Hector de J. Ruiz, Chairman of the Board and Chief Executive
conclusion that power has shifted. Officer, AMD (Advanced Micro Devices), USA; Co-Chair of the India
Economic Summit
Palaniappan Chidambaram, Minister of Finance of India
At the end of the Summit, participants agreed on the
While there was confidence among the participants at areas in which action will have the greatest impact.
the 23rd India Economic Summit, there was no The agenda of priorities for the coming year includes
complacency. India’s Finance Minister Palaniappan skills development, improving governance, upgrading
Chidambaram, for example, was candid in his education, building public-private partnerships (PPPs)
assessment of the challenges ahead. Despite all the in infrastructure, and addressing environmental
progress India has made in recent years, particularly degradation and water scarcity. All are enormous
as a result of substantial investment and spending tasks, but perhaps the most challenging will be the
growth, “my worry is whether we are getting bang for development of India’s enormous human resources
the buck,” he said. “While outlays have increased through skills training and education. In many of the
manyfold from 2003-2004 to 2008, are these outlays sessions, time after time, participants stressed that it
resulting in outcomes in the field?” is critical for India to take full advantage of its
demographic advantages by providing the schooling
That was the main question on participants’ minds: Is and instruction necessary to raise the skill levels of its
India getting the results it needs now that it is expanding workforce and to create the millions of jobs
achieving 8-9% growth a year and foreign investment necessary to allow them to be productive and
has risen sharply? It was not enough to recognize contribute to inclusive economic growth.
problems; participants focused on finding solutions to
the root causes of India’s competitiveness deficiencies. India will be able to build the many centres of
Minister Chidambaram, for his part, pinpointed the excellence it needs to sustain high growth with equity
lack of sufficient restructuring in the financial sector as over the long term only if it can educate and train its
an obvious failing. “The financial sector is the heart of people to be productive at all levels of society and in
the economy and we haven’t been able to push both the rural and urban areas. “What we now need
through reforms; that’s a disappointment.” to do is roll up our sleeves and deliver on the

4 | India Economic Summit
“ A key to future growth is the enormous
domestic market and the consumption-led
economy, which has powered India’s growth “
and provided a degree of resilience and
protection from global ebbs and flows.

Orit Gadiesh, Chairman, Bain & Company, USA; Member of the
Foundation Board of the World Economic Forum; Co-Chair of the India
Economic Summit

“ India has always been outside the
epicentre of events and yet we get drawn
in by the sheer gravitational pull of our
“ State and National Competitiveness

India has become one of the most successful
economies in the world in attracting the attention of
geography, resources and potential. global business strategists and investors. But to
improve its competitiveness in the long term, it will
Anand G. Mahindra, Vice-Chairman and Managing Director,
Mahindra & Mahindra, India; Co-Chair of the India Economic Summit have to address its economic weaknesses. The most
pressing among them is the need to increase skills
training to better prepare its young population to enter
expectations for India that exist around the world,” the workforce.
stated Anand G. Mahindra, Vice-Chairman and
Managing Director, Mahindra & Mahindra, India, and Poor infrastructure, differences in regulatory and policy
Co-Chair of the India Economic Summit. He added regimes across states, the absence of a single
that the country needs to develop the competencies national market, deficiencies in the manufacturing
that will deliver on the promise of India. sector, bureaucratic red tape and corruption are
among the key obstacles to improving India’s global
The India Economic Summit, convened in partnership competitiveness.
with the Confederation of Indian Industry (CII), was
organized under four sub-themes: State and National • A major priority is the skills deficit. While labour
Competitiveness, Inclusive Growth, Infrastructure productivity has improved, India does not have the
Development and Risk Management. In addition, for skill levels to sustain 9% growth.
the first time at the India meeting, four WorkSpace • Training young people for vocational work is critical
sessions were held on the following topics: Innovative if India is to take full advantage of the demographic
Models: Expanding India’s Competitive Advantage, dividend it can gain from its fast-growing
Getting Ahead of the Climate Change Curve, Excellence workforce.
Despite the Odds: The Social Entrepreneur in India • Government-controlled education and vocational
and Unlocking the DNA of an Indian Multinational. schemes may not be sufficient to address the
problem. The private sector must be involved to
create jobs for new entrants.
• Investors should be encouraged or even required
to set up training institutes in their respective

5 | India Economic Summit
“ There are great opportunities in India,
but don’t take anything for granted.
Keep investing in education and
“ “ You need to take the untapped human
resources and bring them to fruition;

otherwise, India will have a different
address infrastructure. value proposition.
Edward J. Zander, Chairman and Chief Executive Officer, Ben J. Verwaayen, Chief Executive Officer, BT, United Kingdom;
Motorola, USA; Co-Chair of the India Economic Summit Co-Chair of the India Economic Summit

Inclusive Growth • The private sector has a role to play. Banks, for
example, can promote microfinance and provide
India faces a major challenge in dealing with its urban rural Indians with education on the basics of
poor and the even larger numbers of people who live finance.
in poverty in rural areas. As India aims for growth with • The government must raise incomes in the
equity, it may be difficult to improve conditions in the countryside without accelerating the rush to the
countryside without making the situation worse in the cities. Tools to achieve this include technology to
cities. turn rural India into a service centre for urban areas
and regulations and incentives to encourage
• About a quarter of Indians live below the poverty companies to “ruralize”.
line, while almost 70% of the population is in the
• The rising discontent among the poor has led to a Infrastructure Development
political backlash, including violent protests and
insurgency. The growth of regional parties is, in One of the biggest challenges India faces is to
part, a result of the need for the disadvantaged to address its lack of adequate and well-maintained
have their voices heard. infrastructure. Infrastructure investment must rise to
• To address the concerns of the poor and around 9% if India is to sustain 10% growth. The
disenfranchised, the government and national challenge: to forge the public-private partnerships
parties will need to embrace local interests. A key necessary to marshal the resources and expertise
priority must be to increase spending on rural needed to dramatically improve the situation.

6 | India Economic Summit
Kamal Nath, Minister of
Commerce and Industry
of India

“ Within India, the challenge is how

to create 100 million new jobs in
the next 15 years.
Risk Management

In managing the risks that threaten its current
expansion, India must aim to turn some of the threats
Mukesh Ambani, Chairman and Managing Director, Reliance into opportunities. Although the rest of the world
Industries, India; Co-Chair of the India Economic Summit considers India to be an emerging superpower, it is in
the country’s strategic interest to resist complacency
and to avoid hubris.
• The public sector has insufficient resources to
tackle the infrastructure deficit, while the private • Economic success should not be narrowly defined by
sector has funding and talent issues of its own. the middle class, white-collar ideal. India needs to fill
• The successful completion of the National Highways the burgeoning demand for skilled, blue-collar labour.
Authority’s Golden Quadrilateral project is an example • India must address global problems such as
of a public-private revenue sharing agreement. HIV/AIDS and global warming.
• Even if clearly defined projects existed, pricing and • Climate change is exacerbating the rapid decline of
risk management, especially between public and India’s freshwater supplies. India must focus on
private entities, need more sophistication and building the necessary infrastructure to harness
should move away from the traditional “cheapest rainfall and floodwaters for productive use.
supplier” mindset. • Protectionism, both at home and abroad, is
• Cross-sector government cooperation must be another looming risk to India’s growth.
improved so that an integrated approach may be • The prospect of a US economic slowdown may
taken in constructing infrastructure projects such also have a negative impact, but India may be
as airports, which will need roads and transport better insulated from a recession in America than
links to allow easy access. East Asian economies.
• India does not have sufficient capacity to execute • India could risk raising social tensions if not enough
multiple mega-construction projects due to the lack jobs are created to absorb the increase in the
of qualified engineering firms and the paucity of workforce. A major challenge is to provide young
trained manpower. people the skills they need to be productively

7 | India Economic Summit
State and National Competitiveness

“ Labour productivity has been rising but our skill levels
have been abysmal. The skill levels of the labour force
are lower than what we need for 9% growth.

Suman Bery, Director-General, National Council of Applied Economic Research, India

In recent years, India has clearly been one of the most Figure 2: India's Competitiveness

successful economies in the world in attracting the India shares characteristics of both factor- and innovation-driven economies

attention of global business strategists and drawing in Innovation Infrastructure

foreign investment (see Figure 1). According to official Business sophistication Macroeconomic
figures, FDI in the financial year 2006-2007 totalled Innovation-driven economies
Factor-driven economies
US$ 19.5 billion, up from US$ 7.7 billion the year Market size Health and primary
before. The government expects US$ 30 billion for
2007-2008, an ambitious target that is still only about Technological
Higher education
and training

half the inflow to China. The Planning Commission Financial market Goods market efficiency
Labor market efficiency
forecasts that the economy will grow by 8.5% to 9%
over the current financial year to March 2008. The goal Source: World Economic Forum

going forward: sustained 9% growth that is inclusive.
regimes across states, the absence of a single national
To get there will require addressing serious market, the need to develop the manufacturing sector,
constraints. At this and previous India Economic bureaucratic red tape and corruption. Each pressing
Summits, participants have identified and debated the problem requires urgent attention. The divide among
widely recognized challenges confronting India as it states, for example, is already leading to dangerous
seeks to boost its global competitiveness and achieve social tensions and anti-government protests. According
China-level growth rates (see Figure 2). These familiar to a recent study by Lehman Brothers, the poorest
obstacles to raising productivity include poor five states, where about 40% of the total Indian
infrastructure, differences in regulatory and policy population lives, account for just a quarter of national
output, while the five richest, with only about 26% of
Figure 1: Foreign Investment in India the population, produce more than 40% of the output.
Portfolio inflows for the first half of fiscal year 2008 greater than 2006 and 2007 combined

At this Summit, a spotlight was trained on one glaring
Foreign portfolio investment inflows (US$, millions)


deficiency that has not received as much attention in
previous meetings: the need to increase vocational
training and technical skills in the workforce. India’s
achievements in IT and pharmaceuticals, as well as the
cadres of top managers who have spread across the
0 world are testament to the talent that India has
-5,000 produced. What India lacks are people with the skills to


















keep its economy humming – the masons, carpenters,
Source: Reserve Bank of India hotel waiters and armies of workers who are the
Note: * Years are fiscal years ending March. 2008 data includes FII flows through 19 Oct 2007,
and ADRs/GDRs through July 2007. foundation of any economy. “Labour productivity has

8 | India Economic Summit
“ “
“ We need skills development
as a major initiative.
Sunil Bharti Mittal, Chairman and Group Chief Executive
“ Young people want to learn and
become skilled.
Ambika Soni, Minister of Tourism and Culture of India
Officer, Bharti Enterprises; President, Confederation of Indian
Industry (CII), India

been rising but our skill levels have been abysmal,” said “The government needs to let go of its control over
Suman Bery, Director-General, National Council of the education system,” said Shiv Nadar, Founder,
Applied Economic Research, India. “The skill levels of the HCL; Chairman and Chief Strategy Officer, HCL
labour force are lower than what we need for 9% growth.” Technologies, India. Syllabus-driven state schools do
not give students the skills they need to compete.
Much has been made of India’s youthful demographics “We need skills development as a major initiative,”
where over half the population is under the age of 25 Sunil Bharti Mittal, Chairman and Group Chief
(see Figure 3). According to Goldman Sachs, the Executive Officer of Bharti Enterprises and President
number of people of working age (15-60 years old) will of the Confederation of Indian Industry (CII), agreed.
peak at about 64% around 2020. This can be a
significant global competitive advantage, but only if the Colette Mathur, Senior Adviser at the World Economic
jobs are created to accommodate the bulge in the Forum, offered a practical proposal with respect to the
workforce. It all starts with education, Indian Finance development of special economic zones: require
Minister Palaniappan Chidambaram told participants. investors to set up a training institute for workers in
“India can reap the benefit of its demographic their sector. Ambika Soni, Minister of Tourism and
dividend and avoid it turning into a demographic Culture of India, supported the idea. “Young people
liability by ensuring that every child can access quality want to learn and become skilled,” she said, noting
education and stay in school for at least 10 years.” the need for training facilities in such fields as tourism,
hotel management and healthcare. There are
It also requires a concerted effort to provide skills opportunities for investors, the minister concluded.
training. The government acknowledges this critical
task. “For every one of our people to benefit from new
employment opportunities being created across the
Figure 3: India Younger Than Many Asian Peers
economy, we must ensure that every Indian is
educated and skilled,” said Prime Minister Manmohan Over half the population is younger than 25 years old

Singh in his Independence Day message to the nation 100%
21% 16% 9% 9% 7% 6% 6%
90 17% 16% 17%
21% 20%
in August this year. Singh announced the launch of a
Percentage of population, 2005

80 24%
29% 24% 22%
Vocational Education Mission to open 1,600 industrial 70
28% 26%

training institutes and polytechnics, 10,000 vocational 50
20% 19% 19% 20%

40 18%
schools and 50,000 skills development centres. Every 30 15%
34% 35% 35%
year, he said, over 10 million students will receive 20 22% 23%
10 16%
vocational training, four times the number today. “We 0
Japan Australia South Korea China Indonesia Malaysia India
will seek the active help of the private sector in this
60+ years old 40-59 25-39 15-24 0-14
initiative so that they not only assist in the training, but
Source: Asian Demographics Ltd
also lend a hand in providing employment opportunities.”

9 | India Economic Summit
Inclusive Growth

“ If we can take opportunities to rural
India, there’s no reason why rural
India would wish to come like
“ The rising discontent of these have-nots has already
produced a political backlash. A radical Maoist
insurrection, Naxalism, has spread through some
states while, across the country, regional political
lemmings to urban India. parties are growing in strength, upsetting the
Mani Shankar Aiyar, Minister of Panchayati Raj and Youth dominance of national parties and forcing them to
Affairs and Sports of India cobble together coalition governments – like the one
now in power in New Delhi (see Figure 1).
There are two types of poor in India: the millions
packed into India’s growing urban slums and the even While these new political parties offer an important
greater number eking out life in its rural heartland. The voice for those disenfranchised or displaced by
conundrum the country faces is that improving the economic development, they often base their appeal
situation in the countryside will likely make matters on caste and the personality of their leader, making
worse in the city. them divisive and raising concerns about corruption.
“They can muster big crowds but they are perceived
“What do migrants want?” asked Anand G. Mahindra, to be not very honourable,” said Arun Jaitley, Member
Vice-Chairman and Managing Director, Mahindra & of Parliament and General Secretary, Bharatiya Janata
Mahindra, India; Co-Chair of the India Economic Party, India.
Summit. “They want diversity of income, sanitation,
drinking water, power, roads. But even when they get Figure 1: India's Parliamentary Parties

those, they will still want the life they see on their Parliamentary power now spread among more political parties

televisions. Human beings like to live in cities; they 14
Average number of parties winning seats

have done so for thousands of years.” 12
for elections in 5 largest states


It is no secret that India needs to make its tremendous 8

economic growth more equitable, to spread it more 6

fairly among society – not just wealth, but 4

infrastructure and educational opportunities. Roughly 2

one quarter of Indians live below the poverty line, and 0
1985-89 1990-94 1995-99 2000-04 2005-07
For elections occurring during periods (parliamentary
almost 70% of Indians live in rural areas, where terms not aligned across the five states)

desperate farmers too often find solace in suicide. Source: Election Commission of India

10 | India Economic Summit
Ben J. Verwaayen, Chief Executive Officer, BT, United Kingdom; Co-Chair of the India Economic Summit;
Mani Shankar Aiyar, Minister of Panchayati Raj and Youth Affairs and Sports of India; Anand G. Mahindra, Vice-Chairman and Managing Director,
Mahindra & Mahindra, India; Co-Chair of the India Economic Summit and Mohamed A. Alabbar, Chairman, Emaar Properties, United Arab Emirates
listen to Nik Gowing, Main Presenter, BBC World, United Kingdom

“ What do migrants want? They want
diversity of income, sanitation, drinking
water, power, roads. But even when
broadens access by farmers to credit. In doing so, it is
helping to plug a gaping hole in funding for connecting
rural Indians to the mainstream economy.

they get those, they will still want the The private sector is also making great strides through
life they see on their televisions. Human “ microfinance, providing rural development capital while
beings like to live in cities; they have freeing many rural people from the grip of
moneylenders. Instead, microfinance offers the rural
done so for thousands of years.
poor a way to leverage their own industry and thrift by
Anand G. Mahindra, Vice-Chairman and Managing Director, popularizing not only debt but also savings accounts.
Mahindra & Mahindra, India; Co-Chair of the India Economic “The bank account has become a status symbol in
the villages,” said M. R. Rao, Chief Operating Officer,
SKS Microfinance, India.
The proliferation of coalition governments that rely on
consensus decision-making could also have a To realize the potential microfinance has tapped,
diminished ability to formulate and implement effective however, India needs greater deregulation. Existing rules,
policies. “Coalition government has its own for example, prevent bankers from tying up with
compulsions and its own limitations,” said Vilasrao telecommunications companies to use established
Deshmukh, Chief Minister of Maharashtra, India. “It cellular customer networks to distribute financial services.
can delay decisions.”
Figure 2: Rural Infrastructure Investment

To achieve a broader mandate and regain political Rural irrigation expected to receive 15% of public infrastructure funds

momentum, national parties need to boost regional 1,500,000
Projected infrastructure investment, 2007-12 (Rs, crore)

chapters to embrace local interests; likewise, regional Water supply/Sanitation
1,250,000 Rural
parties need to develop more robust national agendas. Rural roads


Achieving inclusive economic growth is a priority for 750,000

India’s current government. Its latest budget includes
a 31% increase in spending on rural infrastructure – 500,000

15% of public infrastructure funds are expected to be 250,000

allocated to rural irrigation (see Figure 2) – and

Source: Government Planning Commission

11 | India Economic Summit
Palaniappan Chidambaram, Minister of Finance of India and Sunil Bharti Mittal, Chairman and Group Chief Executive Officer, Bharti Enterprises;
President, Confederation of Indian Industry (CII), India

Bankers concede, however, that their industry is also
guilty of holding back. Microfinance typically charges
relatively high interest rates, yet default rates among
micro-borrowers remain near zero, indicating what
“ The war for talent is such that we
have hundreds of millions of people
who cannot monetize their skills today
bankers say is excessive caution on the part of micro- because we haven’t connected them. “
lenders. Part of that caution, they say, stems from the It’s in everyone’s interest that we
fact that there is no credit bureau to keep track of unleash that capability and that talent.
rural borrowers, nor a reliable way – such as driving
licenses or birth certificates – to even identify them. Ben J. Verwaayen, Chief Executive Officer, BT, United
Kingdom; Co-Chair of the India Economic Summit
Some have called for the government to issue national
voter registration cards.

Bankers also have an important role to play in filling The good news for India is that its economy is largely
the rural education gap, by teaching rural Indians the driven by domestic demand as opposed to exports.
basics of finance. To be sure, education often serves The rural population, therefore, represents a critical
as a politically correct panacea in debates about source of new labour for India’s services-led growth.
poverty relief, but this year’s Summit broke from the
platitudes by outlining practical areas where education But solving the riddle of how to raise income levels in
can have an immediate impact. Improved vocational the countryside without accelerating the rush to the
training was singled out as a critical necessity for India cities requires new thinking on what urbanization means.
that would address its growing shortage of skilled In short, convincing rural Indians not to move to big
trades workers while recognizing that a higher degree cities will require moving the city closer to them. “If we
may not be a realistic aspiration for the bulk of the can take opportunities to rural India, there’s no reason
country’s youth. Vocational training is an area, why rural India would wish to come like lemmings to
moreover, where companies can get more immediate urban India,” said Mani Shankar Aiyar, Minister of
returns on their investment, either by conducting their Panchayati Raj and Youth Affairs and Sports of India.
own training, financing vocational programmes or
helping to develop curricula.

12 | India Economic Summit
Ajit Gulabchand,
Chairman and Managing
Director, Hindustan
Construction Company,
India, speaking at the
SlimCity private session

Industries that rely on rural inputs – food processing, Transformation – Sustainable
biofuel production and handicrafts – should move City Development and Inclusive
closer to their production centres. Doing so will
Urban Growth
encourage the creation of new urban centres, turning
villages into towns, and towns into small cities.
Technology can also be used to turn rural India into a At a session on the new SlimCity initiative of the World
service centre for urban India in the same way that Economic Forum, business leaders concluded that far-
India has become a service centre for the world. “The reaching change is imperative in order for India’s cities to
war for talent is such that we have hundreds of achieve sustainable development and provide inclusive
millions of people who cannot monetize their skills growth for its citizens.
today because we haven’t connected them,” said Ben
J. Verwaayen, Chief Executive Officer, BT, United Accountability, coordination and resources were identified
Kingdom; Co-Chair of the India Economic Summit. as the three core areas in need of transformation.
“It’s in everyone’s interest that we unleash that Participants underlined the success of the Delhi Metro
capability and that talent.” development as a widely recognized example of the
overwhelming advantages of clear accountability in city
Ultimately, it may take a more concerted push by governance and transparent, coordinated public sector
government to make this shift out of the cities project management. Participants highlighted the fact
happen. Regulations and incentives may be needed to that India possesses world-class resources, but its
encourage companies to “ruralize”. But it is clear that economic and inclusive growth can only continue if
India can no longer afford to let investment and leaders from the public and private sectors rise to the
commerce remain confined within the city limits. challenge of putting these resources in the hands of
“Rural and urban are not separate; both are those who need them.
connected, said Aiyar. “Until we see that, India will
become prosperous and Indians will remain poor.” The World Economic Forum’s SlimCity initiative is a global
partnership of leading city mayors and private sector
board executives, supported by the World Bank, the
International Energy Agency, UH-Habitat and ICLEI. The
initiative provides a risk-free, dynamic, multistakeholder
environment within which cities and the private sector
can pursue the development of energy and resource
efficiency in cities.

13 | India Economic Summit
Infrastructure Development

“ At the end of the day it’s easier

to build a road than it is to build
a democracy.
annum, most analysts agree its lack of infrastructure
costs the economy between 1.5% and 2% of GDP
per annum. This equates to between US$ 95 billion
and US$ 134 billion lost in cumulative GDP by 2012.
Nandan M. Nilekani, Executive Co-Chairman, Infosys
Technologies, India; Member of the Foundation Board of the The Indian government recognizes that it faces a
World Economic Forum
significant task. On one hand, public sector borrowing
restrictions and the lack of construction resources
“The greatest challenge facing India is to build an mean it has to approach the private sector to help
effective, efficient, scalable and sustainable fund and implement their plans. On the other hand,
infrastructure,” noted Hector de J. Ruiz, Chairman of the private sector faces significant resource and talent
the Board and Chief Executive Officer, AMD issues of its own to cope with extra demand for
(Advanced Micro Devices), USA; Co-Chair of the India construction. The current five-year plan for
Economic Summit. As India’s economy continues its infrastructure sets aside an average of 30% (US$ 145
high growth trajectory, its lack of infrastructure billion over five years) in PPPs and purely private
becomes an ever-increasing concern. infrastructure-related projects. Telecommunications,
roads, ports and airports are the main targets for the
To sustain and realize India’s growth potential, the higher share of private funding, reflecting recent
government of India has tabled ambitious plans to significant steps taken by the government towards
boost infrastructure investment from historic levels of embracing the private sector (see Figure 1).
3-4% of GDP to around 9% by 2012. The Planning
Commission’s current infrastructure investment Figure 1: Infrastructure Investment, by Sector
estimate within the 11th Five-Year Plan period stands Private sector contribution expected to be 0% of irrigation funds, but nearly three-quarters of ports spending

at US$ 490 billion. These plans do not include private 100%

capital expenditure investments, which will lead to an Private
infrastructure investment, 2007-12

even greater demand for infrastructure-related
Projected share of total

services and products. But many business people 50

harbour doubts that these plans will come to fruition
because of resource gaps faced by the public and 25
private sectors.

Water supply/









But the cost to the economy of not dramatically
improving infrastructure will be huge. Even though
Source: Government Planning Commission
India’s US$ 1 trillion economy is growing at 8-10% per

14 | India Economic Summit
Rajat M. Nag, Managing
Director-General, Asian
Development Bank,

The National Highways Authority of India has led the great deal for the government, it has unwittingly
way by successfully completing the Golden introduced unsustainable pricing and risk policies that
Quadrilateral project through revenue sharing may deter future private players from bidding by such
arrangements with private contractors, introducing risk distortion.
model concession agreements as well as acquiring land
in a practical manner. The government did not interfere Indeed, more broadly, public and private entities need
when the telecommunications private sector innovated to reflect on their respective abilities to manage and
by introducing leapfrogging technology to eliminate control the variety of development, construction,
the need to lay an expensive network of land cables. financial structuring and market risks, and allocate
them appropriately within PPP frameworks. And the
Further, the government has “pre-approved” 11 social consequential risks need addressing too,
international and domestic consultancies to advise on especially regarding the resettlement and rehabilitation
infrastructure related projects to make the bidding of affected voting populations.
process simultaneously quicker and more transparent.
Additionally, it has authorized a viability-gap financing Complicating the picture further, cross-sector
mechanism for projects that do not meet purely government cooperation is not strong. Silo-led
return-oriented targets, and recently set aside a US$ developments, rather than integrated approaches,
100 million fund to finance the exploration and design lead to stunning examples of where nearly-built
of designated projects. structures, such as Bangalore’s international airport,
will have no quality roads leading to or from them
However, there are many areas that still lack clarity when they open.
and need attention. First among these is the lack of
“bankable” projects. General project funding But blame is too easily put on the government.
requirements are easy to determine, but private sector Consumer mindsets are also a problem. Central
players complain there are no clearly articulated projects government ministers as well as state chiefs are rightly
defined in a way that they can readily start executing. afraid to place a price on commodities seen as
essential to rural area welfare, for fear of a voting
Even if clearly defined projects existed, pricing and risk backlash. Rural areas, in particular, expect water to be
management, especially between public and private provided without cost. Some experts have suggested
entities, will need more sophistication and should introducing a “water credits” system similar to carbon
move away from a traditional “cheapest supplier” credits to discover the price of increasingly scarce
mindset. For example, two ultra-megawatt power potable supplies. But the Planning Commission does
facilities have been negotiated on 40-year fixed price not envisage much private participation in either
contracts. While in the short term this may seem like a irrigation or water supply.

15 | India Economic Summit
“ The government regards infrastructure
as a critical constraint. It is our view
that the target we have set for the
inevitably lead to improperly planned projects risking
high alteration costs and poor quality execution. Thus,
the commonly held perception that India is an abundant
oasis of engineering talent is plainly false. As Chaly C.
economy which is to accelerate to an K. Mah, Chief Executive Officer, Asia Pacific, Deloitte,
average of 9% growth cannot be
“ Singapore, noted, “When you talk about skilled labour,
achieved if we fail to make efforts in there is a massive shortage in India and the core is to
ensure you have a solid education system.”
Montek S. Ahluwalia, Deputy Chairman, Planning Even though the engineering and construction
Commission, India industry in India employs over 32 million people, it has
not until recently been recognized as an industry.
Dispute resolution needs to be significantly streamlined. However proud India is of its centres of education
Complex decision-making jurisdictions that are excellence, they only cater to a minute proportion of
constitutionally mandated within national, state and local the population. The rest of the “educable” workforce,
power seats add significant cost and time overruns to as N. K. Singh, Deputy Chairman, Planning
infrastructure projects that cross boundaries and Commission, Government of Bihar, India, dubbed
encroach on several sovereignties. A properly functioning them, are not emerging with the right skills, leaving
and responsible arbitration mechanism is generally many enlightened companies to take the initiative to
absent with non-binding decisions and cases waylaid in train them “on the job” and issue skill certificates.
courts or automatically referred to the Supreme Court.
Government officials and private sector players agree
But even if mindsets shift significantly, will there be on one thing, though: comparisons between China
sufficient capacity to execute? First, large engineering and India regarding infrastructure development should
and construction companies with mega-project stop, since the two systems are so unlike one another
management capabilities in India are few in number. when it comes to large-scale planning. Indian officials
The industry lacks not only size but also appropriately- like to portray China as a centralized polity that has no
trained manpower. Of the 500,000 total engineering problem or issue with moving large populations to make
graduates, only 5% are civil engineers. And even way for critical infrastructure projects. Of course, this
those graduating are lured by higher wages in other view misses the underlying tensions between centre
non-infrastructure-related sectors such as call centres or and provinces. But one thing is clear, and put best by
jobs in the Middle East offering much higher salaries. Nandan M. Nilekani, Executive Co-Chairman, Infosys
Especially acute is the shortage of talent at the Technologies, India; Member of the Foundation Board of
planning, design and maintenance levels – particularly the World Economic Forum: “At the end of the day, it’s
at the middle-management stage – which will easier to build a road than it is to build a democracy.”

16 | India Economic Summit
Rajiv Lall, Managing Director and Chief Executive Officer, Infrastructure Development Finance Company, India; Montek S. Ahluwalia, Deputy
Chairman, Planning Commission, India; Rajat M. Nag, Managing Director-General, Asian Development Bank, Manila; Ajit Gulabchand, Chairman and
Managing Director, Hindustan Construction Company, India

Meeting India’s Infrastructure Challenge

The current state of the country’s infrastructure and the Building on the findings of the World Economic Forum’s
government’s new proposals to increase expenditure to Engineering & Construction: Scenarios to 2020,
9% of GDP by 2012 (see chart) formed the basis of a participants noted that the central government has
workshop organized by the World Economic Forum made a lot of progress on changing mindsets by
and the Confederation for Indian Industry (CII) ahead of actively involving the private sector and making the
the India Economic Summit. The private meeting bidding process for projects more transparent.
comprised a broad array of stakeholder groups Financing for projects in general did not seem to be an
including government officials, private sector players, issue, but participants called for greater depth in
global engineering firms, consultants, financial private sector bonds to match project tenures.
intermediaries and multilateral organizations, including
the World Bank. Private sector participants also called for more clarity
on the range of detailed projects envisaged by the
Infrastructure Spending government to assist in their planning and more detail
Overall infrastructure investment expected to increase from regarding the mechanism of public-private
$201 billion in the 10th plan, to $492 billion in the 11th
partnerships. They also highlighted the fact that
Water supply/


different sectors should learn from others in terms of


Electricity Roads\Bridges Telecom Railways Irrigation
best practice. In addition, they commented that, given
11th plan
(FY07-12) the growing number of options for investment
opportunities globally, India needs to focus on making it
easier for multinational companies to work on
infrastructure projects.
10th plan

$0 100 200 300 400 $500 Finally, the group mandated that the Forum and CII
Anticipated investment (US$, billions)
produce a series of case studies highlighting
Source: Government Planning Commission; Lehman Brothers
infrastructure solutions already being implemented
around the country. This, they said, would help share
best practices within India and shed light on the Indian
infrastructure situation for global companies.

17 | India Economic Summit
Risk Management

“ The real economy, including
manufacturing, is what is important and

the appreciation of the rupee is making
needs to fill the burgeoning demand for skilled labour.
“The concept of dignity of labour has to be
established to a much greater degree than we have,”
said Anjali Raina, Country Training Director, Citibank,
that economy suffer. India. And as large and complex as it is, India cannot
Rahul Bajaj, Chairman, Bajaj Auto; Member of Parliament, India
afford to turn its back on the world’s problems – they
have historically had a way of pulling India in.

HIV/AIDS is an example of an imported problem that
India’s boom is replete with risk. The World Economic will require Indian solutions to solve. With at least 5.7
Forum’s India@Risk 2007 report outlined just six of the million HIV-positive people, India last year overtook
major global risks to the country, including the loss of South Africa as the country with the largest number of
freshwater, economic shocks and oil peaks, the people infected with the virus that causes AIDS.
economic impact of demographics, globalization vs
protectionism, climate change and infectious diseases. Global warming, meanwhile, is exacerbating the rapid
Most people associate risks with jeopardy, but risk is decline in India’s freshwater supplies (see Figure 1). By
an essential ingredient in success. “Risk is not identical 2025, India’s per capita supply of renewable water is
to threat,” explained Sean M. Cleary, Chairman, projected to drop to only a quarter of what it was in
Strategic Concepts, South Africa. “Risk lies on the 1975. India, however, receives more rainfall than it can
cusp between threat and opportunity. The challenge manage, which often results in flooding. Harnessing
when addressing risk is to turn it into an opportunity.” those floodwaters will require that India build dams

To do that, it is important not to see India’s problems
Figure 1: Access to Renewable Water Dropping
as insoluble, nor to take India’s success as
2025 per capita water supply in India is expected
preordained. Indeed, talk of India as a new economic to be less than half the supply in 1975

superpower may be premature, warned Palaniappan 3,500
Renewable water per capita (cubic metres)

Chidambaram, Minister of Finance of India. He added 3,000

that a superpower is a magnet for knowledge, a 2,500

financial centre and has access to abundant natural 2,000

resources. India has yet to secure these things and so 1,500

must avoid hubris or chauvinism. 1,000


India must not, therefore, let economic success be 0
1975 2000 2025
narrowly defined by the middle class ideal as seen on (medium estimate)

television. Between peasantry and prosperity, India Source: United Nations Food and Agricultural Organisation

18 | India Economic Summit
“ Along with national security, the three
pillars of security – human, economic
and physical – need to be raised to
Protectionism, both at home and abroad, is another
looming risk to India’s growth. India has its own
opponents to free trade and capital flows, and many
Indians who are afraid of displacement want to block
bring the economy to a position where the creation of special economic zones that stand to
the challenges can be met. The risks boost investment and create centres of job growth
were identified because of their outside major cities. In the United States, a growing

interconnectedness, which magnifies
number of people see the rise of India and China as a
threat to their own prosperity.
their impact.
India is fortunate in that, relative to export-dependent
Shamsher S. Mehta, Director-General, Confederation of Indian
Industry (CII), India East Asia, it is somewhat insulated from the market
turmoil emanating from the troubled US housing
market. India relies largely on coal for its energy, and
and reservoirs, as China has built infrastructure such its economic growth is driven primarily by domestic
as the Three Gorges dam. “India must summon that demand rather than exports.
kind of determination and will to execute the projects,”
said Chidambaram. Nonetheless, India relies on imports for as much as
80% of its fuel needs and is trying to substitute coal
Many worry that the government has adopted a short- with cleaner, but imported, natural gas. Rising oil
sighted approach to the environment, however, prices have repercussions for India, and India has
rejecting calls to cap emissions growth despite room to play a more assertive diplomatic role where
abundant evidence that India is choking on its its energy supply is concerned.
pollution. While critics agree with India that the West
must lead the world in cutting emissions, many say The prospect of a US economic slowdown next year,
India shouldn’t use development as an excuse for while of greater concern to East Asia’s exporters, also
repeating the West’s mistakes. Instead, said Stuart has a potentially negative impact for India. Already this
Popham, Senior Partner, Clifford Chance, United year, the US dollar has fallen dramatically against the
Kingdom, India has an opportunity to leapfrog ahead, rupee, making it harder for Indian exporters to
“and formulate regulations that might be the template compete overseas and luring speculative investments
for the rest of the world”. into India, which is in turn pushing the rupee up even

19 | India Economic Summit
India@Risk: Six Global Challenges Ahead session: Robert D. Blackwill, President, Barbour Griffith and Rogers International, USA; Chaly C. K. Mah,
Chief Executive Officer, Asia Pacific, Deloitte, Singapore; Shekhar Dutt, Deputy National Security Adviser, National Security Council (NSC), India;
Madeleine K. Albright, President, The Albright Group, USA; Stuart Popham, Senior Partner, Clifford Chance, United Kingdom and Shamsher S. Mehta,
Director-General, Confederation of Indian Industry (CII), India

Business Leaders in India Take on faster (see Figure 2). Normally a rising currency helps
the Climate Change Challenge keep a lid on inflation but, in India, the flood of cash
into the country and rapid growth are combining to
Business leaders sat down at the India Economic Summit accelerate price increases.
to discuss the climate change challenge. The high number
and level of participants during the programme’s two Figure 2: Value of the Rupee

sessions on the topic showed that there is rising business The rupee's relative value changing as the dollar-euro rate evolves

concern in India about the issue. 140
Relative value of the rupee (100=January 2002)

Participants were given expert overviews of the scale and Against US$

urgency of the climate change problem facing the

subcontinent. As well as the adaptation challenge – which,
if not met, has huge potential to stunt future national growth 80

– there are predictions of a seven-fold increase in energy
consumption in India by 2030, 60-70% of which will be 60












provided by coal. India will soon become a major emitter of
greenhouse gases and will face increasing international Source: Reuters

pressure to reduce emissions levels.

Urgent action is required to avoid the tipping point that Some Indian industrialists suggested capital controls
scientists say will be reached if fast-growing countries emit to help stem the inflow of portfolio investments.
as rapidly as others have in the past. Business participants “Something has to be put there – not for money going
stated that the case for action in India is simple and out but for money coming in,” said Rahul Bajaj,
undeniable, and they are willing to step forward if Chairman, Bajaj Auto; Member of Parliament, India.
government hesitates. Participants expressed their view
that, irrespective of the United Nations Climate Change Despite the experiences of Malaysia and Chile,
Conference 2007 outcome, the Indian business community economists warn that capital controls would be a
should show leadership and start taking the first steps mistake. The strong rupee lowers the cost of importing
forward. much-needed capital goods, which can in turn be used
to boost productivity. India’s capital markets need to
be liberalized, they say, so they grow and become less
volatile. But until that happens, Indian companies will
have to get used to bigger swings in the rupee’s value.

20 | India Economic Summit

India is at an inflection point – while the prospect of
sustaining 8-10% growth is achievable, it is not a given,
according to a report released by the World Economic
Forum's Global Risk Network and the Confederation of
Indian Industry (CII). Decision-makers cannot assume that
tomorrow’s growth story in India will read like today’s. The
economic fundamentals are in place, but political dynamics
and the scope of structural reforms are more likely to shape
the next chapter, according to the India@Risk 2007 report
released at the India Economic Summit.

In the short term, three economic threats loom large: a
rising rupee, an oil price shock and a collapse of asset
prices (especially property or shares) triggered by a global
re-appreciation of risk. In the medium and long term, risk
mitigation should focus on building increased resilience via
continued investment in basic infrastructure and education,
in order to reap the demographic dividend of a young,
aspirational and growing populace.

With more than 71 million new jobs required over the next
five years, inclusive growth is an imperative for India.

Another key priority highlighted in the report is water – per
A longer-term risk to Indian economic growth is its capita supply in 2025 is expected to be less than half of
that in 1975 (see chart). There is no doubt that the current
rising population of new job entrants. With half of the
water situation in India will get much worse unless different
population under 25, the Indian working-age
approaches are taken. India has enough precipitation but
population is expected to rise by more than 10% to
not enough storage in terms of dams and reservoirs; it
762 million by 2012. The added savings and
needs improved groundwater recharge and should explore
consumption will propel the Indian economy even
opportunities for further public-private partnerships.
Other risks that could derail India’s future growth prospects
With most of these young people counted among the include climate change, infectious diseases and the
rural poor, however, the worry is that limited access to potential backlash against globalization (i.e. rising
education has left most of them lacking marketable protectionism). “Some of these risks are beyond India’s
skills. That could leave India short of skilled workers, control, including exogenous economic crises and an oil
but teeming with restive unemployed. price shock,” said Palaniappan Chidambaram, Minister of
Finance of India, adding, “Other risks are endogenous and
The government aims to broaden access to primary can be overcome – for example, risks associated with
and secondary education, and increase college demographics and the lack of freshwater.”
enrolment. But economists and executives stress that
it is the quality, not just quantity, of education that The report concludes that for India – a country
counts. They feel that too many colleges are characterized by huge opportunities and ever-increasing
producing under-qualified graduates. At the same regional and global interdependence – the imperative is for
time, many college graduates are often over-qualified collective action to mitigate these shared risks. For the full
for service sector jobs such as plumbing and electrical report go to:
Access to Renewable Water Dropping
2025 per capita water supply in India is expected
Vocational training is an area into which companies to be less than half the supply in 1975

can invest directly and reap rewards in a relatively 3,500
Renewable water per capita (cubic metres)

short time. If India can manage to train more of its 3,000

poor, rural young people to take up skilled jobs, it will 2,500

be able to fill not only its own need for labour, but find 2,000

more jobs to meet the rising shortage of skilled 1,500

workers in nations with ageing populations overseas. 1,000


1975 2000 2025
(medium estimate)

Source: United Nations Food and Agricultural Organisation

21 | India Economic Summit
Building Centres of Excellence in
the WorkSpace

Participants at the India Economic Summit had the opportunity to take part in four WorkSpace
sessions, which focused on different issues important to India’s future and sought a uniquely Indian
perspective in addressing them.

Innovative Models: Expanding Getting Ahead of
India’s Competitive Advantage the Climate Change Curve

Participants looked at various innovative models that Experts and business leaders in this session looked at
are transforming India into a centre of excellence. climate change from a sector perspective to identify
These models were explored across sectors, cross-sector risks, explore leading practices and build
industries and business domains to determine how systemic solutions to this very relevant global issue.
they could be replicated. Participants split into groups Participants divided into groups to look at risks and
from various industries, where they co-designed ideal identify leading practices to start defining concrete
3-D models that would enable innovation in any context. actions they could take immediately. All concurred that
India has a large role to play in rolling back the effects
The groups came away with insight into how to of climate change.
encourage an environment conducive to innovative
thinking. All agreed that innovative ideas and Generally, the participants identified innovation as a
processes can often be applied from one industry to key to tackling the effects of climate change, as
another and that industries can learn from one drastic solutions are needed to ensure a sustainable
another. The concept of innovation may by necessity future. Participants noted that knowing the carbon
mean that organizations need to develop new footprint of a business’s supply chain is an important
business models to remain relevant. This is particularly step in learning where to make changes to reduce the
important for top-down institutions. Innovation is not footprint to zero. Energy efficiency was also flagged as
only about inspiration; it goes beyond new products an important priority for businesses to make, including
and services and should be viewed as a strategic investing in green technologies and products.
issue. Trying something new may mean making Participants further highlighted the significance of
mistakes, but should also mean being willing to invest advocating national and international frameworks such
in making mistakes to get to something really good. as market mechanisms to price carbon; a “greener”
Many participants concluded that innovation could be approach to urban and rural design; and a
viewed as an excursion: taking a few steps away from consumption tax, as opposed to an income tax.
their comfort zone and then returning full circle to their
issue or challenge with new insights and solutions.

22 | India Economic Summit
Excellence Despite the Odds: Unlocking the DNA of
The Social Entrepreneur in India an Indian Multinational

Building on the World Economic Forum’s and the This WorkSpace session focused on exploring the
Schwab Foundation for Social Entrepreneurship’s elements that make companies successful.
focus on social entrepreneurship, this session Participants studied various cases, such as the rise
explored the concept of social entrepreneurship and and decline of empires, the unfair competitive
how it could be relevant and applicable in an Indian advantage of some economies, the viral nature of the
context. Participants were greeted in small groups by “Facebook” phenomenon, and the concept/lifestyle
a number of entrepreneurs from India and abroad, branding of enterprises such as Manchester United to
who explained how they became socially engaged. review what factors and unique features make them
Groups then broke out again to design their own successful – or unsuccessful. Participants examined
ventures to address an issue relevant to India’s future. what elements might be transferable to Indian
companies, then identified features that could
Nearly all groups agreed that effective social contribute to Indian companies’ international growth.
entrepreneurship is about scale. One person acting
alone is a good place to start, but has a small impact; Under the categories of brand, culture, cost
a larger group scales up the results and raises effectiveness, growth and innovation, participants
awareness about an issue. Further, scalability and found a number of positive factors unique to India.
sustainability require easy access to capital and a Culturally, Indians are positive about the future, learn
secure operating environment for socially-minded quickly from others and adapt well to change. Their
projects. One group coined the term social incubator success in the last century is a testament to these
– referring to the environment that fosters interest, cultural characteristics, which have allowed India to
investment and commitment to social projects. thrive in the face of challenges. The brand India itself
Moreover, social entrepreneurs should leverage is a positive force for international growth. Instead of
collective experience by collaborating with like-minded focusing on low costs, India should develop a high
individuals and companies. Companies should be value proposition in niche markets. One such niche
approached with a value proposition to leverage their market identified by one group is the wellness market,
strengths, help them expand into new business to which India’s cultural focus on holistic living,
markets and address gaps in Indian society, such as spiritualism, yoga and Ayurveda is highly valuable and
access to clean water or education for rural migrating marketable. Participants recommended that Indian
workers. Entrepreneurs by nature need to think companies operate with a view to sustainability by
creatively. For example, one group of participants increasing brand awareness, expanding country and
sought to address the shortage of cooking fuel for the local knowledge and by cultivating talent to lead
rural poor by creating a company producing cooking globally. Indian companies are smart to look at
gas from animal and human waste. Nearly all growth, while recognizing their limits. Indian
participants thought that, if a socially-minded venture companies should identify their competitive
is not a good business model, it is not worth doing. advantages and exploit them, scale up intelligently and
Social entrepreneurship is not only about doing good rapidly, and develop new models and concepts.
for good’s sake, they agreed.

23 | India Economic Summit

The World Economic Forum would like to thank the officers and staff of the Confederation of Indian
Industry for their partnership in the India Economic Summit.

The World Economic Forum wishes to recognize the support of the following companies as Partners of
the India Economic Summit:

Strategic Partners Morgan Stanley
ABN AMRO Bank NYSE Euronext
Accenture Olayan Group
AMD PepsiCo
American International Group (AIG) Reliance Industries
Apax Partners Reuters
Audi Standard Chartered Bank
Avaya Swiss Re
Bahrain Economic Development Board UPS
Bain & Company VTB Bank
The Boston Consulting Group
BP Summit Supporters
CA Apollo Tyres
Citi Capgemini
Clifford Chance Department of Industrial Policy and Promotion,
The Coca-Cola Company Ministry of Commerce and Industry of India
Credit Suisse DLF
Deloitte Emaar Properties
Deutsche Bank Financial Technologies India
Deutsche Post World Net Rakindo Developers
Ernst & Young
Kudelski Group Service Providers
Lehman Brothers
Manpower NDTV
METRO Group Taj Palace Hotel
Microsoft Corporation

The World Economic Forum would also like to thank Sheila Dikshit, Chief Minister of the National Capital
Territory of Delhi, and RAK Investment Authority, Government of Ras Al Khaimah, United Arab Emirates,
for hosting activities during the India Economic Summit.

24 | India Economic Summit
25 | India Economic Summit

W. Lee Howell is Senior Director, Head of Asia and Global Agenda at the Forum. Sushant Palakurthi Rao is Associate
Director, Deputy Head of Asia at the Forum. The India Economic Summit was under their direct responsibility with
Chantal Adamson, Senior Event Manager and Summit Coordinator, and Shruti Bhatia, Senior Manager, India and
South Asia.

Lena Hagelstein, Global Agenda, Programme Manager Geopolitics, and Global Leadership Fellow, World Economic
Forum; Vidhi Tambiah, Associate Director, Content Development, World Economic Forum; and Samantha Tonkin,
Senior Media Manager, World Economic Forum, worked with Wayne Arnold and Alejandro Reyes, report writers
tasked by the World Economic Forum to produce this report.

The World Economic Forum would like to express its appreciation to the summary writers for their work at the
Summit. Session summaries are available at:

Editing: Janet Hill, Editor, and Fabienne Stassen Fleming, Senior Editor

Design: Kamal Kimaoui, Associate Principal, Production and Design

Layout: Kristina Golubic, Graphic Designer

Photographs: Prabhas Roy

Special thanks to PricewaterhouseCoopers for their help in preparing data and statistics underpinning this report.

26 | India Economic Summit
The World Economic Forum is an independent
international organization committed to improving
the state of the world by engaging leaders in
partnerships to shape global, regional and
industry agendas.

Incorporated as a foundation in 1971, and based
in Geneva, Switzerland, the World Economic
Forum is impartial and not-for-profit; it is tied to
no political, partisan or national interests.