Wednesday, March 17, 2010:
The Economist Intelligence Unit (EIU) presented highlights of its economic forecast for India in a presentation at the opening of Economist Conferences' 14th Business Roundtable with the Government of India.The two-day roundtable is being chaired by Daniel Franklin, Executive Editor, The Economist, with senior leaders from the government and industry in attendance.
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According to the EIU, in 2010 India will be the ninth fastest growing economy in the world, and the second fastest growing major economy. GDP growth is predicted to rise to 7.7 per cent in 2010-11 and 8 per cent in 2011-12. India will continue to reap the benefits of a relatively young demography and strong economic fundamentals.
The Economist Intelligence Unit forecasts are highly respected and sought after for their accurate analysis and prediction. In April 2008, six months before the collapse of Lehman Brothers, the EIU had predicted the collapse of a globally important bank which could damage confidence badly enough to threaten the world financial system.
Anjalika Bardalai,Senior Analyst for South Asia, said, Given the recent global financial crisis and the worst monsoon in nearly a quarter of a century, India's economy demonstrates resilience and has in fact fared much better than many other countries. Continued strong domestic consumption, spurred by rising incomes and a growing middle class, will be the primary drivers of India's growth. High savings rates and investment levels will support India's continued economic acceleration."
Kishor Chitale, Vice President and Head, India Domestic Business, at Capgemini, the lead sponsor of the Roundtable, noted,"To meet India's high GDP growth rates, and help improve the business environment faster, public sector organizations must collaborate to improve services to citizens, customers and other agencies, while incorporating significant budget reforms. Technologies enable visibility, structuring and transfer of information to help deliver seamless services, while business intelligence systems offer insights to support choice and tailoring of services. For example, in Europe, Governance has radically defined the way a government provides service to citizens, businesses and other arms of the government"
Highlighting the importance of energy & power in fuelling India's growth, Pradipta Sen, President of Emerson in India, the supporting sponsor for the Roundtable, said, "For India to continue powering ahead, an understanding of the infrastructure issues and the investment that is still needed is critical. The demand for power, the efficient utilisation of water resources and the responsible use of energy are all part of the great Indian infrastructure challenge. We hope to bring this to fore in the discussions that we have with industry and the Government of India so that together, we can drive home the message that better infrastructure equals better foreign direct investment equals more sustainable growth."
Emphasising the need for cautious optimism, Anjalika remarked, "Although we forecast robust growth for India, we must be aware of the risks to the country's macroeconomic stability, including high inflation. The Government's weak fiscal position poses another important challenge that needs to be addressed to maintain India's growth and resurgence."
The 14th Government Roundtable will see top government and business leaders brainstorming over two days on such issues including challenges around sustaining India's economic growth rate; lessons from the recent global economic crisis; addressing infrastructure challenges; coping with fiscal deficit to ensure macroeconomic stability and promoting good governance among others. The Roundtable will also assess India's preparedness for hosting international sporting
events such as the XIX Commonwealth Games.
Confirmed speakers at this year's Roundtable include:
* Daniel Franklin, Executive Editor, The Economist (Chairperson)
* Simon Cox, Economics Correspondent, The Economist (Chairperson)
* Kamal Nath, Minister of Road Transport & Highways
* Shashi Tharoor, Minister of State for External Affairs
* Ambika Soni, Minister of Information & Broadcasting
* Montek Singh Ahluwalia, Deputy Chairman, Planning Commission
* Sheila Dikshit, Chief Minister, NCT of Delhi
* Sachin Pilot, Minister of State for Communication and Information Technology
* Jyotiraditya Scindia, Minister of State for Commerce and Industry
* Adi Godrej, Chairman, Godrej Group
* Narayan Ramachandran, CEO & Country Head, Morgan Stanley (India)
* Ravi Venkatesan, Chairman, Microsoft Group
* Salil Parekh, CEO, Financial Services, India Asia Pacific, Strategic Business Unit, Capgemini
* V N Dhoot, Chairman, Videocon Industries
* Ranjit Shahani, Managing Director, Novartis
* Kevan Watts, Country Head (India), Bank of America Merrill Lynch
* S S Kohli, Managing Director, India Infrastructure Finance Co Ltd
* Roopa Kudva, Managing Director & CEO, CRISIL
* Harold McGraw III, Chairman, CEO & President, The McGraw-Hill Companies
* Anjalika Bardalai, Senior Analyst, Economist Intelligence Unit
* Abheek Barua, Chief Economist, HDFC Bank
* Ajit Ranade, Chief Economist, Aditya Birla
* Shashi Ruia, Chairman, Essar Group
* Aroon Purie, Chairman & Editor-in-Chief, India Today Group
* S Sivakumar, CEO-International Business, ITC
* Pramod Bhasin, President and Chief Executive Officer, Genpact
* Pradipta Sen, President, Emerson India
* Bharat K. Singh, Chairman, Services Business Review Council, Aditya Birla Group
* Uday Shankar, CEO, Star India
* Rajesh Kamat, COO, Viacom 18
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