Business leaders pin hopes on India

by Dave

 Business Standard

Amidst the pall of economic gloom all over the world, almost 800 business leaders from 35 countries today started to gather here for the three-day India Economic Summit, the 24th edition of the annual show hosted by the World Economic Forum and the Confederation of Indian Industry. The message and the body language were clear: Everything is going right for India, the tight money market conditions and recent production cutdowns notwithstanding.

In the last few weeks, the US and German economies have contracted and China has reported a sharp drop in industrial output during October. Banks as well as manufacturing and service sector companies have announced steep job cuts. Top US automakers too are on oxygen. All this while, India’s economic managers have said they are still hopeful of clocking annual growth of around seven per cent.

Keeping in view the current global situation, the summit is focusing on
four areas — global shifts, managing risks, inclusive growth and future