Times Network organised the fourth 'India Economic Conclave 2018' at the Taj Diplomatic Enclave in New Delhi. Business and political leaders such as Nouriel Roubini, Economist and CEO, Roubini Macro Associates LLC; Piyush Goyal, Minister of Railways and Coal; Smriti Irani, Minister of Textiles and Information and Broadcasting, and Chanda Kochhar, MD & CEO, ICICI Bank, and others addressed the audience on the Indian economy, reforms, policy changes and government initiatives, growth strategies and new market prioritisation, geo-political issues and their business impact, technological upheaval and innovation through a series of panel discussions and deliberations.
The conclave aimed at providing an opportunity for business leaders to ‘Rise with India’ by harnessing Actionable Business Intelligence.
Vineet Jain, MD, Times Group, delivered the welcome address and Nirmala Sitharaman, Minister of Defence, in her keynote address, discussed issues of national importance in the session themed ‘Rise with India’. Roubini discussed India’s great leap towards the future in the session themed ‘The World in 2018’ in a chat with Arvind Subramanian, Chief Economic Advisor. Goyal debated issues of relevance with Kochhar in the session themed ‘Reimagining Indian infrastructure’. Irani on New India delivered a special address on ‘Unlocking the demographic dividend’.
MK Anand, MD and CEO, Times Network, said, “At a time both global growth and individual confidence is waning in the face of seismic changes in the macroeconomic environment triggered by technology and changing allegiances, India stands out in contrast as a mega growth engine. With its huge consumer base and high headroom for growth to catch up with global consumption standards, India is expected to be able to sustain its growth advantage for the next few decades. That coupled with a vibrant democracy and reforms orientation guarantees the making of the next big global opportunity to Rise with India. The fourth edition of India Economic Conclave put together by Times Network is dedicated to bring critical constituents, players and thinkers together to help understand this opportunity and make sense of it for investors and Indians at large.”
Sitharaman said, “Rising India for us is not just a slogan but an article of faith. Good governance, coupled with relevant policy reforms, is central to the functioning of this government. The government has shown great courage in implementing the nationwide Goods and Services Tax (GST) reform and its rollout is a classic case of the government’s commitment to take up big bang reforms. The benefits of schemes such as Direct Benefit Transfer (DBT) and Mudra are now going down to the grassroots level. The Insolvency and Bankruptcy Code has paved the way for structured recovery from stressed firms. The areas of diplomacy, upgrading the military capabilities and infrastructure development are other key areas our government is focusing on, diligently. India’s demographic dividend and leveraging its power is a critical area where the government is burning the candle at both ends. The government has worked towards ensuring a corruption-free administration, which has instilled great confidence in Prime Minister Narendra Modi’s leadership, as well as in the Indian economy by world leaders. The government will come out with flying colours in its efforts to take the country forward and we need further co-operation from the industry.”
Goyal said, “India is becoming a country where young entrepreneurs are coming up with innovative ideas and business is being done more honestly. The government has taken several steps to make infrastructure projects economically conducive for investors. We made coal allocation transparent to boost the power sector, and as a result, India has become a power surplus country today. We are looking at every opportunity to make Private-Public-Partnership projects more lucrative. Major efforts at capacity building have been undertaken in areas such as railways, ports, roads, etc., and the government is committed to execute big ticket projects with private sector participation. Clean and simple transaction processes are being put in place to enhance the bankability of the projects. SMEs deserve a more operationally viable approach under the Insolvency and Bankruptcy Code and the government is taking concrete steps in this regard.”
Roubini said, “The sentiment of the global economy has struck the perfect balance for growth. The global economy is expanding on a cyclical basis and it is time for countries such as India to reap the benefits of the same. India has the capability to grow much faster than its current rate of 7-7.5%, considering its young and dynamic workforce and several important reforms being undertaken. India and China would be major contributors to the global economy in the times to come.”
The fourth India Economic Conclave was powered by ET Now. The presenting sponsor was Capital First. The entire event will be aired over a series of episodes on ET Now.