insights from wef india economic summit by richard rekhy

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Through this Summit the government showcased itself to the world, under the theme, Redefining Public-Private Cooperation for a New Beginning. The summit’s environment acted as the catalyst for committed and creative discussions to build a future perfect for all Indians.

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Page 1: Insights from WEF India Economic Summit by Richard Rekhy

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Barboza, Melvin

From: Barboza, MelvinSent: Wednesday, November 12, 2014 10:47 AMTo: Barboza, MelvinSubject: Insights from WEF India Economic Summit

11 November 2014

Insights from WEF India Economic Summit By Richard Rekhy, CEO, KPMG in India

The significance of the three day event, organized by Geneva-based World Economic Forum (WEF) and Confederation of Indian Industries (CII )from 4th to 6th November, 2014, in New Delhi lay in the discussions between the government authorities, business leaders, civil society members and international public figures, regarding the 'performance and promises' of the new government. Through this Summit the government showcased itself to the world, Under the theme, Redefining Public-Private Cooperation for a New Beginning. Built on the three pillars of Boosting Global Competitiveness; Launching a Domestic Systems Reset; and Scaling Local and Social Innovation, the primary emphasis was on whether or not, a common vision is possible for this very diverse nation and how best to evolve into a new model of pragmatic, practical and effective governance, which would not only rebuild trust in both the region and society, but also link leadership with livelihood. The summit’s environment acted as the catalyst for committed and creative discussions to build a future perfect for all Indians. Even in the absence of 'big bang' reform announcements, the new government has set a clear roadmap to place India back on the eight per cent plus growth trajectory. The summit proved a major step forward in rendering clarity on a number of policy measures strengthening the faith of business leaders in the India growth story. Finance Minister, Mr. Arun Jaitley spoke about privatizing loss-making public sector units. Reform cannot be limited to one sensational idea and its implementation is challenging in a developing society. A variety of subjects - Inclusive Growth; What’s gone wrong with democracy?; Why inequality is 2015’s most worrying trend?; Ease of doing business; Good governance; Role of Responsible Business; Role of civil society, Whither Inflation & Interest Rates; CSR or Hypocrisy, Black Money; Gender Gap as well as India’s Growth prospects – were discussed and debated upon. With the government declaring a sectoral approach for allocating foreign investments, international investors were particularly interested in the manufacturing sector. The agenda requiring immediate action included Infrastructure, Land, Labour, Inclusive Growth, Health, Trade Facilitation, Competitiveness, Ease Of Doing Business, 'Make in India' and Infrastructure, especially pertaining to the Power Sector, Subsidies, Energy, Skills and Education, Telecommunications and the Allocation of Natural Resources. High-technology and Defense sectors as well as social issues such as Gender Gap and the social norms that impede women from Advancement and Security, were also highlighted and debated.

Philipp Rosler, Managing Director of WEF, remarked that the event has managed to create a community of interest in India and now it is time for action from all the stakeholders. While not every question was answered, what echoed was whether all this good intention would translate into action. The message from the government though, is loud and clear. It is the beginning of new era in India.

Richard Rekhy CEO, KPMG in India

© 2014 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.