Global chief executives pinned their hopes on growth in emerging markets at the start of the annual Davos forum on Wednesday but warned that rising inflation and political risks cast a shadow.Corporate India defends push for governance!Governance deficit, graft extremely serious issues: Azim Premji
World Economic Forum Annual Meeting 2011
The world pattern has gradually changed, as the G20 is becoming a more noticeable player in global governance.
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Global chief executives pinned their hopes on growth in emerging markets at the start of the annual Davos forum on Wednesday but warned that rising inflation and political risks cast a shadow.The world pattern has gradually changed, as the G20 is becoming a more noticeable player in global governance.
| In a recent article in Foreign Affairs, Secretary Clinton wrote that "Today's world is a crucible of challenges testing American leadership. Global problems, from violent extremism to worldwide recession to climate change to poverty, demand collective solutions, even as power in the world becomes more diffuse. They require effective international cooperation, even as that becomes harder to achieve. And they cannot be solved unless a nation is... more by Bill Clinton - 1 hour ago - US Department of State (press release) (1 occurrences) |
Corporate India defends push for governance
Corporate India took pains to explain on Wednesday that its calls to bridge a governance deficit were part of a healthy dialogue to improve the country's business environment. Sunil Bharti Mittal, chairman of Bharti Enterprises and one of the authors of the India Inclusive campaign at the World
Economic Forum's 2011 session, described a recent letter written by a group of corporate bosses to Prime Minister Manmohan Singh on corruption as a welcome step in airing concerns of a well-meaning bunch of citizens.
Speaking specifically on an alleged scandal in the award of spectrum for mobile telephony services, Mittal said that in Kapil Sibal, India had found a capable telecom minister who would set right the policy muddle.
A new telecom policy that was expected to come into play this year should untie some of the knots, he added.
"'The new telecom policy 2011 will give the industry a long runway," he said.
CII sees a larger role for corporations in better governance. The growth of telecom in India, which covers 700 million people, is in itself a check against government drift, according to CII president Hari Bhartia.
He pointed out that a mobile network of this size was a potent tool that allowed people to share information and views.
Governance deficit, graft extremely serious issues: Azim Premji
Wipro chairman Azim Premji on Friday reiterated that governance deficit and corruption were extremely serious issues for the future of the nation.
"Enough is enough. The situation in the country is extremely serious for its future and it is important that people in leadership give constructive suggestions to the government to rectify the situation," Premji told IANS here.
Referring to the open letter written Jan 17 by 14 eminent citizens, including himself, to national leaders on governance deficit and corruption, Premji said though there was a response from the government, he would like to maintain the sanctity of the dialogue than making it public.
"We have given some recommendations on what the government should be doing to implement them. We will be in dialogue with the government, including the prime minister and the United Progressive Alliance (UPA) chairperson on the issues we have raised," Premji told reporters here.
In the open letter, the noted citizens expressed concern with the general deterioration in the overall value system of the nation. They were also alarmed at the widespread governance deficit almost in every sphere of national activity, covering government, business and institutions.
"The topmost responsibility of those at the helm of the nation's affairs must be to urgently restore the self-confidence and self-belief of Indians in themselves and in the state. The biggest issue corroding the fabric of our nation is corruption. This malaise needs to be tackled with a sense of urgency, determination and on a war-footing," the letter pointed out.
Premji, however, wanted the media to aggressively pursue the issues of governance and corruption with tenacity and hoped many other leaders will follow them in checking the drift.
"My request to the media is to have the tenacity to follow through on issues of governance. Don't give up. Once the news worthiness is gone in the short run, we find that the media gives up and gets on to something else. The media has huge powers, far more than we will ever have in terms of how it can bring it to public notice," Premji observed.
Terming the kind of transformation in Bihar incredible, the IT czar recalled how Hong Kong was able to turn around from once being one of the most corrupt nations in the world.
Besides Premji, other eminent citizens who were signatories to the letter were former Reserve Bank of India (RBI) chief Bimal Jalan, HDFC chairman Deepak Parekh, former Hindustan Lever chairman Ashok Ganguly and Godrej & Boyce chairman and managing director Jamshyd Godrej.
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India Inc for tough governance
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Business Standard - 18 Jan 2011
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UPI.com - 18 Jan 2011
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More than 2,500 elites from over 100 countries gathered here Wednesday to address the challenges and risks facing the world and strive for forging new shared norms for the world.
The 41st World Economic Forum (WEF) Annual Meeting started in the Swiss ski resort of Davos on Wednesday with the theme of "Shared Norms for the New Reality."
Over 2,500 leaders and elite from more than 100 countries are gathering here, representing business, government, civil society, academia and culture to address new global economic order and economic governance.
Over 2,500 global leaders, including 130 from India, are converging here on the snow-covered Alps to discuss for the next five days the future of the world economy, concerns of growth not creating enough number of jobs, particularly in rich nations.
The Geneva-based World Economic Forum (WEF) would be playing host to 1,400 from top 1,000 companies around the world, 30 heads of states or governments, renowned academicians, artists and the faith leaders, including head of the Chinmaya Mission in New Delhi.
The masters of the corporate world, governments and spiritual world and intellectual are meeting against a global economic environment which is yet to fully recover from the severe setbacks received in 2008 and 2009. The recovery in the developing world is largely driven by domestic demand but is quite considered fragile in the western economies.
According to the World Bank , though the global economy recovered by 3.9 per cent in 2010, the pace is not enough to create adequate number of jobs.
India, the second fastest expanding economy of the world after China, is fielding the biggest-ever delegation of 125 CEOs and senior ministers like Home Minister P Chidambaram, Commerce and Industry Minister Anand Sharma , Urban Development Minister Kamal Nath and Heavy Industries Minister Praful Patel .
The who's who of India Inc will rub shoulders with the global CEOs not only in the brainstorming sessions in the main venue Congress Centre but also at the 'Night Caps' parties and fun-filled evenings, including the 'Bollywood Music Night'. Noted music director A R Rahman will be making a serious presentation about his work.
As part of the drive to promote India brand, CII has opened 'Indian adda' where participants can have a taste of the country's food. The Indian industry chamber has spend about Rs 25 crore to set up hoardings in different parts of the city and distribute welcome handicraft gifts to all 2,500 participants.
India has been given unique honour of co-chairing this year's meeting by the country's top woman CEO. ICICI Bank's Managing Director and CEO Chanda Kochhar will be in the company of Mitsubishi Corporation Chairman Yorihiko Kojima, Nestle CEO Paul Bulcke, DuPont CEO Ellen Kullman and CEO of China Occean Shipping Group Company Wei Jiafu.
Sharing her thoughts about the Indian and global economy, Kochhar said, the growth of the Indian economy would continue to be driven by consumption demand by millions of aspiring young people and increasing investments.
"India is a very young nation and will continue to remain young for decades. What this means is that millions of workforce would be aspiring to consume and create demand. That is the consumption drive which is going to drive India's growth," she said.
Four main topics for discussion this year are Responding to the New Reality, The Economic Outlook and Defining Policies for Inclusive Growth, Supporting the G20 Agenda, and Building a Risk Response Network sustainable.
Living in a world that is increasingly complex and interconnected, having or rebuilding shared norms is vital for the new reality of the global recovery.
As the WEF's official website said, "Such norms will need to transcend growing differences across generations, stakeholders and geographies in a multipolar world. For governments as well as corporations, shared norms provide the compass by which leaders give and receive direction, define benchmarks for acceptable and unacceptable behaviors, and ensure inclusive rather than exclusive outcomes."
The global economy has seen upturn in 2011, even though Europe is still under a cloud of sovereign-debt worries.
As the new economy has been unfolding and restructuring of the world economy has been speeded up, this year's Davos annual meeting will be of great significance on many levels.
"The shifts of political and economic power from West to East and from North to South, as well as the speed of technological innovation, have created a completely new reality," Forum founder and Executive Chairman Klaus Schwab said.
"In Davos this year, instead of looking only at the aftershocks of the recent crisis, we will concentrate on defining the new reality and discuss which shared norms are required for making global cooperation possible in this new age," he said.
With the development of the Internet and information technology, global sharing of knowledge and technology becomes easier and faster, which also helps to reduce the gap between developed and underdeveloped nations.
For the past three years, the overwhelming global financial crisis has made all countries deeply realize they were all interconnected and interdependent to each other.
No single economy can expect to be immune from the impacts of other economies.
The world is in the process of interdependent globalization and all nations make their contributions together to the global stability and development based on wide common interests.
The global financial crisis makes the world realize it is impossible to solve global economic problems without the participation of developing countries.
This year in Davos, industry CEOs, government leaders, spiritual leaders and others will gather to analyze and elaborate on innovative ideas with common norms and principles that all countries share.
To achieve the fundamental goals of global economic governance, all parties ought to promote the world economy towards a balanced, universally beneficial and win-win direction.
In the current global reality, all countries should share and comply with such principal norms.
First, they should strengthen solidarity and coordination and broaden win-win economic cooperation.
The sustained development of the multi-polar tendency and economic globalization has further deepened mutual reliance.
As we can see, in the fight against the financial crisis, global climate change, or avian flu, no country can win one of these battles alone.
Emerging and developing countries should regard the improvement of national comprehensive strength as a major strategy, take more active actions in international affairs, and improve world economic governance mechanism.
For the first time, Davos this year has set the plan of supporting and developing the G20 agenda as the annual highlights, which indicates the importance of the G20 in forming a new world economic order.
At the same time, the G20 has been determined as the most promising new organization that dictates the future of the multi-country management model.
Second, the requirement of constructing multiple modern standards is required.
China, India, Russia and Brazil, as major emerging countries, have successfully established a diversified development unique to their economic models.
The sustainability of these models has been tested and proved in the global financial crisis. The constant development of the emerging countries is significant to helping the world continue to enhance the building-up of multi-level and multi-dimensional communities of interests.
Third, compared to developed countries, developing countries are still lagging behind. Therefore, the international community, particularly developed countries, should take concrete responsibility to help developing countries, especially African countries, overcome difficulties, and improve external environment for the long-term development in the future.
Last but not the least, all involved parties should continue to support an open and multilateral trade system and coordinating development of different areas.
The growth of the free trade market is bound to promote the speed and breadth of economic development. In the current situation, countries should unswervingly push forward free trade, eliminate unnecessary trade protection measures, and recognize the market economy status of developing countries.
These approaches are consequential to expand cooperation, create a good growing economic environment, and achieve mutual benefit and win-win results.
To pull out the world from the current crisis and achieve sustainable economic growth, developed and developing countries have to make concerted efforts.
Developed countries should continue to develop their technological advantages and innovation capability, strengthen banking and financial regulation, and improve market mechanisms.
As for emerging economies and developing countries, they must curb inflation and improve irrational economic structure, but meanwhile they must use their multiple advantages to help the world ride out of the downturn.
During the five-day meeting of the 41st World Economic Forum, participants will focus their discussions on four main topics: responding to the new reality, the economic outlook and defining policies for inclusive growth, supporting the G20 agenda and building a risk response network.
This year's theme of "Shared Norms for the New Reality" reflects the foremost concern of the world today.
"The world has fundamentally changed," WEF founder and Executive Chairman Klaus Schwab said prior to the meeting, "One of the most important factors of the new reality is the shift of geopolitical and geo-economics power from north to south, from west to east."
He also stressed: "In Davos this year, instead of looking only at the aftershocks of the recent crisis, we will concentrate on defining the new reality and discuss which shared norms are required for making global cooperation possible in this new age."
Over 200 sessions and seminars will be held during the annual conference, dedicated to economic recovery and growth, shift in global political and economic power, global risks, sovereignty debt crises, environmental sustainability, financial systems reconstruction, health and social development.
At nearly 40 sessions on the opening day of this year's meeting, the participants will discuss topics ranging from the resilient economic recovery and inclusive growth, top global risks in 2011, green technology, alternative energy to international financial regulatory framework, insights on China and the future of employment.
According to the WEF, the participants of the meeting include more than 1,400 business leaders from the world's top 1,000 companies, over 30 heads of state or government, and about 30 leaders of international organizations and NGOs. They are joined by academic, cultural, religious activists as well as representatives from civil society, media and other circles.
The World Economic Forum, based in Geneva, is an independent non-profit international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.
Amid a raging controversy over black money stashed abroad, Planning Commission Deputy Chairman Montek Singh Ahluwalia has said that corruption is not only a social menace, but also affects the growth of the nation.
Speaking at the World Economic Forum (WEF) at Davos, Ahluwalia said the issue of money laundering or black money is a matter of great concern and governments around the world are very aware of the need to tackle corruption. "This is just not in India, but around the world. It is an issue which needs to be tackled, because corruption not only reduces the social acceptability of whatever growth we achieve, but actually reduces growth also," he said.
"So we are quite clear that we have to tackle it. You need to design policies in such a way that the scope of corruption is reduced," Ahluwalia said.
His remarks come a day after the Indian government announced a five-pronged strategy that includes the creation of an appropriate legislative framework for repatriating black money stashed abroad.
Asserting that it would not be very easy to bring back billions of dollars of black money stashed abroad, he said, "We should not assume that this is some thing that you write two or three letters and billions of dollars would come in."
"It is a complex issue. It not just an Indian issue, but the world over. It is black money, it is tax evaded money, laundered money, terrorists' money," he said.
Ahluwalia was speaking at the 'India Inclusive' function on Tuesday evening at the WEF.
Growth of Indian economy sustainable: Mittal
NDTV Correspondent, January 26, 2011 (Davos)
Bharti Group chairman & CEO Sunil Mittal on Wednesday emphasized on sustainable growth of India and called for a deeper engagement with the global business community.
He was speaking at a press conference at Davos, where the World Economic Forum meet starts today.
"The purpose of the leaders from Indian business and political communities converging at Davos is to strengthen the belief that India has reached to the centre stage of world economy and that the entrepreneurial spirit of India is awakening faster than ever before," said Mittal.
On the open letter that corporate leaders had sent to the government, raising issues around corruption and bad governance, he said, "The open letter has to be seen in context of vibrant democracy. The Prime Minister would be happy to receive this letter. It's a collaborative process."
Mittal said it should be looked at as a constructive criticism and that the businessmen are at Davos with the political leaders show that the business community is working shoulder to shoulder with the government for the progress of the nation.
Mittal also sounded positive on the future of the telecom sector, the sector that he represents, in India. He feels the industry should give time to the new telecom minister, Kapil Sibal. "I am hopeful of having a long runway for telecom and hope the National Telecom Policy brings cheer to the industry," he said.
On challenges that India is facing at present on the economic front, Mittal said issues from the neighbourhood is plaguing India's growth story. Also, the balance of growth and environmental issues and the negativity that's developing around are the main bottlenecks.
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Annual Meeting 2011
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The World Economic Forum
is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.
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http://www.weforum.org/The Annual Meeting of the World Economic Forum in Davos-Klosters is perhaps best known to the world at large simply as "Davos". It is much more than a simple get-together of global leaders from many fields in a Swiss ski resort, however.
The Annual Meeting provides a rethinking of our systems and exploration of strategies and solutions that have positive transformational implications. Particular emphasis will be placed on addressing the question of "How", going beyond analysis and elaborating innovative ideas and solutions to key global challenges.
For more than four decades, the Annual Meeting has provided leaders from industry, government, academia, civil society and the media with an unrivalled platform to shape the global agenda and catalyse solutions at the start of each year.
The diversity and the informal and collaborative "spirit of Davos" mean that, as well as engaging with familiar faces, participants have the chance to connect with people they don't know, who challenge the way they think and act.
Participation in the World Economic Forum Annual Meeting is by invitation only and limited to:
- Chief executives of the world's leading global businesses, representing the Forum's 1,000 Member companies
- Politicians from the G20 and other key countries – including over 30 heads of state and government
- The heads of all major international organizations
- The chairs of the 72 Global Agenda Councils, representing a network of over 1,200 experts
- Representatives from civil society stakeholder groups
- Media leaders representing the top news organizations from around the world
- Young Global Leaders
- Social Entrepreneurs
- Technology Pioneers
- Spiritual and cultural leaders
The World Economic Forum publishes a comprehensive series of reports which examine in detail the broad range of global issues it seeks to address with stakeholders as part of its mission of improving the state of the world. Besides reports on its key events and standalone publications such as the Global Competitiveness Report, the Global Risks Report and the Global Gender Gap Report, the Forum produces landmark titles covering the environment, education, individual industries and technologies.
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Global Risks Report 2011
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http://www.weforum.org/reportsCrossroads Foundation take 'Refugee Run' to Davos' World Economic Forum
26/01/2011
AS THE world's most powerful politicians and business executives gather in Davos very few of those attending the World Economic Forum will have set off with their minds on refugees.
But the Crossroads Foundation and its subsidiary British organisation Global Hand are helping to change that this week by encouraging delegates to put themselves in the shoes of poverty stricken refugees in a specially created simulation.
A team of former refugees and volunteers from the two NGOs are offering an insight into the "ethnic conflict, military arrogance, disempowerment and helplessness" suffered by more than 40million of the world's displaced population.
The simulation is in its third year at the WEF and has hosted business leaders including Virgin boss Sir Richard Branson, Wikipedia founder Jimmy Wales and UN Secretary General Ban Ki Moon in the past.
It is regularly run throughout the year for corporate executives in Hong Kong, where Crossroads Foundation is based.
But during the WEF week in Davos it is organised with the UNHCR - the office of the United Nations High Commissioner for Refugees.
Sally Begbie, Crossroads Director, says the Refugee Run is taken to Davos each year to raise awareness of the plight of millions among some of the world's most influential figures.
She explains: "It has been said that 'you cannot understand a man until you have walked a mile in his shoes'.
"We may only be able to offer a few small steps, but, even so, these have proved powerful in helping people deepen their understanding of refugees and IDPs (Internally Displaced Persons).
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"The event is not about raising money. It is about increasing empathy and seeking ways for business and other global leaders to engage with the plight of those for whom 'home' is no longer safe.
"We can rarely take them to IDP/refugee camps, but, through this experience, we can give them a living snap-shot of life for those who are displaced."
During the hour-long simulations participants are often held at 'gunpoint', have possessions taken from them by 'militia' and have to barter with 'guards' for food or even freedom.
Sir Richard Branson, after undertaking the Refugee Run two years ago, described it as "beautifully done".
UN Secretary General Ban Ki-moon, who also took part in 2009, described the simulation as "a profound experience that reminds us of the plight of millions of displaced people".
And Jimmy Wales, who participated last year, said: "Everyone should do this. It will change the way you see refugees."
Among those helping to make the experience as realistic as possible are former refugees who are trying to help the world's change-makers see life from their perspective.
One, Raphael Mwandu, was once a refugee from the DR Congo.
He says: "We want to bring a message to Davos so people will know more of the reality of life for refugees and help find solutions."
- The Refugee Run is open to all attending the WEF, together with participants of the Open Forum, members of the Davos community and the public. It will be run four times a day, from January 26th to 29th and is held five minutes from the Congress Centre, at Holland House, Symondsstrasse 11, CH-7270 Davos Platz. For booking information you can contact +41 79 212 95 26 or email the refugeerun@crossroads.org.hk. For more information on the work Crossroads does visit www.crossroads.org.hk. For more information on the work Global Hand does visit www.globalhand.org/en
Read more: http://www.mirror.co.uk/news/top-stories/2011/01/26/crossroads-foundation-take-refugee-run-to-davos-world-economic-forum-115875-22876781/#ixzz1C9teGEfz
Go Camping for 95p! Vouchers collectable in the Daily and Sunday Mirror until 11th August . Click here for more information
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The Express Tribune
India ready for 'step by step' approach with Pak
Indian Express - 24 minutes ago
India on Wednesday dismissed apprehensions in Pakistan that it would not discuss all outstanding issues between the two countries, saying it was ready to talk on all matters "step by step" in case trust deficit is bridged.
Qureshi phones Krishna Daily Times
Talks with Pak's Bashir unlikely to lead to 'big change': Rao Economic Times
Hindustan Times - Oneindia - NDTV.com - The News International
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