The Growth Net 2015, an annual economic conclave organized by the Ananta Centre and the Smadja and Smadja Strategic Advisory, concluded today having brought together thought-leaders from across the new growth countries in Asia, Africa and Latin America. The Summit witnessed several panel discussions that lead to valuable insights on prevailing economic and societal issues such as water scarcity, frugal innovation, entrepreneurship and the rise of non-business risks which are impacting business across the world. The conclave also featured key cabinet ministers including Mr. Arun Jaitley, Ms. Sushma Swaraj, Mr. Suresh Prabhu, Mr. Piyush Goyal, Mr. Ravi Shankar Prasad and Mr. Rajiv Pratap Rudy to elucidate the vision of the Mode government and the progress made so far towards reviving growth in India. Mr. Ajit Doval, National Security Advisor also delivered a keynote speech on ‘re-thinking national security’ on the third day which shone light on integrated approach of the government to fulfill India’s potential to be a global leader.
Speaking at the closing plenary session, Mr. Claude Smadja, President of the Smadja and Smadja Strategic Advisory said “New growth countries need agile governance without the baggage of past regulations which are dangerous for the economy and must not neglect the agriculture sector which is a significant source of growth. There should also be a strong effort to reduce the wealth gap and ensure there is a system for wealth distribution for the population. ”
Outlining the five priority areas for new growth countries he said “The implementation of inclusive polices, faster adoption of new technologies and connecting the growing middle class segment to the markets” would go a long way in ensuring that the economic growth is sustainable in the long term.
Mr. Uday Kodak, Executive Vice Chairman and Managing Director, Kodak Mahindra Bank said “India should not take the fall in oil prices for granted and should instead focus on investing on alternate sources of energy. It is important that India does not depend disproportionately on the supply or demand of any one commodity. The focus of the government should also be on defining clear objectives in terms of governance and competitiveness.”
Mr. NK Singh, Rajya Sabha MP and Chairman Steering Committee, The Growth Net Summit said that “It is crucial for India to foster a culture of innovation and risk taking.” Speaking about the roadmap ahead for the new growth countries he said “the patterns of development have to be chosen well keeping in mind crucial impact factors such as complacency in energy policies and pollution. The emerging market countries would be wise to follow a model set for the future than a model that succeeded on the past. “
More than 60 speakers from 17 countries including business and political leaders, eminent media personalities, senior officials from international organizations along with various experts shared insights and best practices to raise economic resilience and generate new business opportunities. This year’s theme “Creating New Drivers of Growth” draws its relevance from an emerging global context where slower growth is a new fixture among emerging market countries. Since its inception in 2013, it has emerged as an annual flagship event for the public discourse on economy and development. In its previous edition the summit brought about a consensus on boosting cooperation amongst emerging economies in the areas of infrastructure development, capacity building and technology and good governance.
About The Growth Net
Jointly convened by the Ananta Centre and Smadja & Smadja Strategic Advisory, The Growth Net which was launched in 2013 reflects the new realities created by the emergence of a group of new growth countries which are rapidly increasing their business, economic, trade and financial interaction and aspire to have a stronger voice in the global economy. It is a catalyst to develop a fruitful dialogue among business leaders, government officials and the civil society from the countries of the new constellation of growth on how to strengthen economic momentum and generate new sources of growth through the deepening of partnership strategies for rapid sustainable development in Asia, Africa and Latin America.
About Ananta Centre An independent and not-for-profit organization Ananta Centre is registered under the Indian Trust Act. It focuses on leadership development and encourages frank and open dialogue on the most important issues facing Indian society, to help foster its transformation. The Centre also engages civil society, business, governments and other key stakeholders on issues of importance to India's development, foreign policy, strategic affairs and national security. The Centre serves as a convening body for exchange of ideas, broadening perspectives and enhancing capacity to create sustainable solutions on a wide variety of issues.
About Smadja & Smadja Strategic Advisory Smadja & Smadja was established in 2001 in Switzerland and in the US. The firm works with global corporations and government entities on global trends and strategic issues. Our mission is to help our clients navigate and leverage globalization, providing them with “actionable” insights and a “world view” to help them manage the increasing volatility and complexity of a globalized world. The firm creates platforms of contents – from strategic, behind closed doors, seminars to high profile international conferences – that are knowledge and networking intensive, with significant take home value for the participants. Smadja & Smadja has activities, clients and partners in Asia, North America, Europe, Latin America and the Middle East.
Key Suggestions for emerging economies from The Growth Net 2015 Mistakes to be avoided - Putting in place contradictory and obstructionist regulations
- Increased wealth gap
- No distribution of growth
- Neglect of rural agriculture
Priorities - Implementation of inclusive policies
- Accelerating process of adopting new technologies and innovations
- Focus on middle class and deepen their connect with the markets
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