India Economic Summit 2011

Mumbai, India, 12-14 November 2011

As India strives to achieve the vision of sustainable and equitable growth, it must deepen its democracy and strive to create a new model of “democratic capitalism”. While India should focus on pushing reforms, the government should remember that growth is critical. Technology can be used to enhance talent development, financial inclusion, transparency and good governance.
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With a growing population that is consuming more each day, finding a sustainable balance between growth and natural resources is a vital question globally, and nowhere more so than in India. India’s rapid economic growth over the last decade has come with a hidden environmental cost, but the country has an opportunity to take the lead in creating the infrastructure of sustainable growth. Stemming the tide of urbanization is also an important factor in environmental and economic sustainability.
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In India, states and the central government have to work together to get things done and keep the country on a stable and sustainable growth path, chief ministers of three Indian states agreed in a panel on the role of states in India’s development. Environmental policy and the approval of infrastructure projects have proven to be difficult areas for states and the central government to find a balance of power, but a think tank or non-partisan policy unit could be created to help states develop policies. The panellists agreed that states should also collaborate and exchange ideas with other states.
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In an effort to tap into the potential of the youth generation, the creation of the Global Shapers Community in India was announced. The Community will provide talented 20- to 30-year-olds with a global platform to shape the future and with the opportunity to develop their leadership potential to serve society. There are three Hubs in India – Bangalore, Mumbai and New Delhi. All were formed in the last month.
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Business leaders and senior economists threw their weight behind India’s New Manufacturing Policy in a session on Manufacturing for Livelihood. However, they warn that India’s growth will falter without large-scale job creation. The policy aims to create 100 million jobs in manufacturing and ensure the sector generates 25% of GDP by 2022. Panellists agreed that government and industry alike have no option but to make this policy work.
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In a session entitled Trading for Aiding, government and business leaders and senior economists dicussed trade among emerging markets. New commercial corridors are linking emerging markets in Asia, Africa and Latin America, spurred largely by the rising demand in fast-growing China and India for raw materials and energy to fuel development. India and other economies in South Asia should also pool their competitive advantages by deepening integration and expanding intra-regional trade.
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The 27th India Economic Summit opened with a look at how the aspirations of the country's youth could be met. Commerce and Industry Minister Anand Sharma said there is no room for complacency. The country has to generate jobs for the millions of young Indians joining the workforce every year; it has to give skills to millions to make them employable; it has to curb inflation without dampening consumption; and it has to satisfy the hope for a better life.
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Neelam Chhiber, Managing Director, Indus Tree Crafts Foundation (ICF), is the winner of the Schwab Foundation 2011 India Social Entrepreneur of the Year award. More than 140 applicants entered the seventh annual selection process for India, and four finalistsemerged after several stages of rigorous assessment by an independent panel of judges, who met on 12 November to select the winner. Indus Tree connects rural artisan producers to urban consumer markets. Its partly producer-owned retail brand, Mother Earth, focuses on home furnishings, fashion and food. Indus Tree to date has trained over 10,000 artisans to invest their own working capital, and to develop into enterprising self-help groups.
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