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What is India’s Impact on Global Growth?
by Harshpati Singhania, President, FICCI

FICCI is honoured to co-host this meeting, which aims to be a conclave of top CEOs from all sectors of the Indian economy and other parts of the world.We congregate in the dynamic state of Bavaria with a view to find strategies to address the pressing issues facing global business today.We also hope to evolve new models of cooperation between Indian industry and their international counterparts.

FICCI, as the thought leader and harbinger of positive change for Indian industry, is proud to be part of this initiative. I am confident that the in-depth discussions and networking at this forum will create new partnerships and precipitate new thinking.

The agenda for the Global India Business Meeting is very topical: the global meltdown has wreaked havoc on the prevailing world financial architecture and on the real economy of the mightiest countries.At least four major changes are currently getting manifest.

‘India has remained a relative island of calm’ 
Harshpati Singhania, President, FICCI
  • First, is the old order changing? Are new players destined to replace the existing ones?
  • Second, is the structure of global manufacturing industry undergoing radical change?
  • Third, we had become complacent assuming that the Malthusian Challenge has been solved. there is a new spectre haunting the world – the spectre of food security.
  • The fourth issue I would like to highlight is whether the philosophical basis of established orthodoxy in the world of finance is being challenged and will a tectonic shift manifest in future.
    Harshpati Singhani, President, FICCI, and Amit Mitra, Secretary General, FICCI, greeting Anand Sharma

Let me touch upon each of these for a moment: First, the seating order at the global high table has changed with the G20 summit and a new power matrix is evolving.

It isn’t the developed world which has the reserves today, but it is countries such as SaudiArabia to Qatar to Brunei that have the funds, surprisingly.Today, Indian companies have invested more in the US, UK and Germany than those countries have in India.

Second,Manufacturing has been migrating from developed countries to emerging countries not just because of cost arbitrage but equally because of market dynamics and scalability. Here India presents huge opportunity including the bottom of the Pyramid.A major study done by FICCI points in this direction.

Third, let me turn to food.The spike in food prices in 2008 caused by high global commodity prices and coupled with the economic slowdown has raised the spectre of food security for millions. Compounding this issue is the tussle between land for food and land for fuel. How will business, technology, and R&D address this challenge?

Lastly, will the free market model of the Anglo-Saxon variety survive this onslaught? Are we going to see greater emergence of dirigiste dogma with state intervention and ownership as the new models.Are we entering the domain of much greater regulation and monitoring the markets that ever seen beforeWorldWar II.

In the end, I am proud to say that in the midst of this global turmoil, India has remained a relative island of calm. Our growth rate has clocked 6.7% for the financial year 08-09 despite the turmoil and we from Indian business are confident that we will take this trajectory back to the 9% level in the next two years.

A Roadmap for the Acquisition of Foreign Firms Entering the Emperor's Hall

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