core sector communique

World Economic Forum Celebrates 25 Years in India

• India recognized as a positive brand and for its potential to become a “high performance” country
• Co-Chairs praise India for its resilience and ability to emerge from the global economic downturn
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New Delhi, India, 8 November 2009 – Marking 25 years of ties with India, the Co-Chairs of the India Economic Summit highlighted India’s success as a globally competitive economy and for weathering the current financial crisis.

“The world has come to recognize the potential of India for its ability to innovate and its growing role on the global stage,” said William D. Green, Chairman and Chief Executive Officer, Accenture, USA, a Co-Chair of the India Economic Summit. He added that India has the opportunity to become a “high performance” nation.

“I am amazed by how resilient the Indian economy has been,” remarked Carlos Ghosn, Chairman and Chief Executive Officer, Renault, France; President and Chief Executive Officer, Nissan, Japan, and Co-Chair of the India Economic Summit. “The Summit will be an important forum to understand how India managed to weather the global economic meltdown so well.”

Summit Co-Chair Baba N. Kalyani, Chairman and Managing Director, Bharat Forge, India, also praised India for emerging from the financial meltdown, noting that the country’s growth rate would be as much as 6-7% this year and perhaps double digits in the future. Energy, infrastructure, social issues, health and education will be the pressing issues to follow.

While also praising India as an engine for growth and a country with enormous opportunities, Indra Nooyi, Chairman and Chief Executive Officer, PepsiCo, USA, a Co-Chair of the Summit, said that it was in everyone’s interest to see the US continue being a centre for growth and that the downturn would be short-lived. She then praised the World Economic Forum for its ability to bring together multiple constituencies to discuss the current economic situation and other global issues. “My hope [here] is to develop an action plan and hold ourselves accountable on progress.”

Co-Chair Shumeet Banerji, Chief Executive Officer, Booz & Company, United Kingdom, added that the India Economic Summit serves as a valuable platform to discuss major issues facing the country. Banerji said he is particularly interested in seeing progress on carbon reduction and demographics.

Venu Srinivasan, Chairman and Managing Director, TVS Motor Company, India; President, Confederation of Indian Industry (CII), India, highlighted the 25th anniversary of the Forum’s engagement in India and the important role the Summit has played in integrating India with global markets.

“India has become a positive brand,” highlighted Klaus Schwab, Founder and Executive Chairman, World Economic Forum. “This not only has to do with its economic growth but also the entrepreneurial spirit of the country.” He added that India could be a role model, especially in light of the challenges of the global economic situation. “If we can help people respond to these challenges, we have made a contribution.”

The World Economic Forum is celebrating 25 years of active engagement in India at its annual India Economic Summit, taking place in New Delhi from 8 to 10 November. This year’s Summit has set a new record for total participation with over 800 leaders from industry, government, civil society and academia from over 40 countries. The theme for this year’s Summit is “India’s Next Generation of Growth.”