Monday, November 15, 2010

Private Sector Must Become Agent of Inclusive Growth in the Post-Crisis World

  • The global financial crisis has hastened a shift in power from developed West to developing East
  • Tapping the bottom of the pyramid is now a social imperative as much as a business opportunity
  • India needs to rekindle its spirit of populist innovation to make its own growth more inclusive  

New Delhi, India, 14 November 2010 - The global financial crisis accelerated a shift of power from the West back to the East and, in the resulting landscape, companies will need to forge new business models that generate not only profit, but also more inclusive economic growth, panellists said in the opening today of the World Economic Forum's India Economic Summit.

"The private sector needs to understand that they are now expected by society to play a role that goes beyond the role for which their business was created," said Ajit Gulbabchand, Chairman and Managing Director of the Hindustan Construction Company and a co-chair of the Summit. "They have a transformational role to play."

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