CII Communique - December, 2010

india & the world
Luis A. Moreno, President, Inter-American Development Bank, Washington DC; Peter Van Loan, Minister of International Trade, Canada;
Kamal Nath; Prof Gita Gopinath, Harvard University, USA; Amos Muhinga Kimunya, Minister of Transport, Kenya; and
Alberto Vallarino Clement, Minister of Economy and Finance, Panama
and Industry; Dr Montek Singh Ahluwalia, Deputy
Chairman, Planning Commission of India; Ms Agatha
K Sangma, Minister of State for Rural Development; Mr
Jyotiraditya M Scindia, Minister of State for Commerce
and Industry; Mr Sachin Pilot, Minister of State for
Communications and Information Technology; Mr
Bhupinder Singh Hooda, Chief Minister of Haryana and
Mr Arun Jaitley, Leader of the Opposition, Rajya Sabha,
India, among others.
The co-chairs for the Summit were: Mr Jon Fredrik
Baksaas, President and Chief Executive Officer, Telenor
Group, Norway; Mr Ajit Gulabchand, Chairman and
Managing Director, Hindustan Construction Company,
India; Ms Ellen Kullman, Chair of the Board and Chief
Executive Officer, DuPont, USA; Mr Pawan Munjal,
Managing Director and Chief Executive Officer, Hero
Group, India; and Mr Dennis Nally, Chairman, PwC
International, PwC, USA.
At the session ‘The New Reality,’ Mr. Pranab Mukherjee,
Finance Minister of India, highlighted the gradual shift
in global economic power from the developed to the
emerging and developing countries. Discussing India’s
current prospects, he said it is reasonable to expect the
economy to revert to 9 per cent average growth, based
on strong savings
and investments,
as well as robust
internal demand and
rise in FDI. India’s
expansionary fiscal
and monetary policy
arrested the economic
slowdown and put the
economy on a path
to rapid recovery, he
said, stressing that
the challenge that
India faces currently
is to quickly revert to
the higher growth of 9 per cent and above, and to
ensure that growth is more inclusive.
The Finance Minister highlighted the measures taken
by the government to boost investment, including
the Financial Stability and Development Council, the
Fiscal Sector Legislative Reforms Commission, financial
inclusion and new direct and indirect tax measures. He
also reiterated the multi-pronged strategy adopted to
achieve inclusive development and stressed governance
and service delivery by government, especially through
the proposed Unique Identification cards.
Mr. Klaus Schwab, Founder and Executive Chairman,
World Economic Forum, identified ten paradigm shifts
arising from the global economic crisis, including next
generation, resource scarcity, shift towards India and
China, greener world, and social spheres.
Speaking at the session on ‘The New South: Developing
the Africa-India Partnership’, Mr Raila Amolo Odinga,
Prime Minister of Kenya, said that Africa is strategically
situated to partner India. The two regions can spur
bilateral development, he said adding that the cooperation
between Africa, India and other emerging
economies like Brazil and China is ushering in a new
phase of South-South co-operation. The Kenyan Prime
Minister reiterated that
Indian investments
in Africa have been
private sector driven
a n d e n c o u r a g e d
Indian companies
to partner in Africa’s
d e v e l o p m e n t ,
especially in sectors
such as infrastructure,
Thomas Crampton, Director, Asia-Pacific, 360 Digital Influence, Ogilvy Public
Relations Worldwide, Hong Kong SAR; R S Sharma, CMD, Oil & Natural Gas
Corporation, India; Jitesh Gadhia, Senior MD, Blackstone Group, UK; Naveen Jindal,
Member of Parliament, and Vice-Chairman, Jindal Steel & Power, India;
Suhas Gopinath, CEO & Chairman, Globals ITeS Pvt Ltd, India; Oyun Sanjaasuren,
Member of Parliament, Mongolia; Dennis Nally, Chairman, PricewaterhouseCoopers
International, USA; and Arun Jaitley, Leader of Opposition, Rajya Sabha, India
a n d S c i e n c e &
Technology.
Mr. Anand Sharma,
Minister of Commerce
& Industry, India,
8 | December 2010 Communiqué