The Hindu : Govt. ties up with WEF, CII

Online edition of India's National Newspaper
Wednesday, Nov 26, 2003

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Govt. ties up with WEF, CII

By Our Special Correspondent

New Delhi Nov.25. In a reversal of policy, the Government is entering into a tie - up with the World Economic Forum (WEF) and the Confederation of Indian Industry (CII) to support the annual India Economic Summit held by these organisations.

The Department of Industrial Policy and Promotion (DIPP) today signed a memorandum of understanding with the CII and the WEF to raise the visibility of the India Economic Summit and other regional economic activity.

The DIPP's initiative to join hands with the WEF and the CII is a result of a growing recognition that only by doing so can it help support efforts to promote Indian industry.

Thus for the first time the DIPP, which comes under the umbrella of the Commerce and Industry Ministry, has had its logo inscribed on the conference dais along with the WEF and the CII, making it a partner in the summit.

This informal partnership was formalised here today with the signing of the MOU by the DIPP Secretary, R.R.Shah, the WEF Co- Chief Executive Office, Jose Maria Figueres, and the CII Director-General, Tarun Das. The MOU, cleared in record time by the Prime Minister's Office, is aimed at institutionalising the arrangement and "engaging in newer activities to further build regional dialogue and cooperation."

The move is a far cry from the last two years when few government ministers attended the conference largely due to what was perceived as biased and critical reviews of the Indian economy and the reforms process by WEF analysts.

Though the India Economic Summit has been able to attract the creme de la creme of Indian industry to attend its numerous sessions covering a wide range of issues, ministerial level participation has gradually declined, thus considerably reducing the sheen of this previously high profile annual event.

With this tie-up, it is clear that not only is the WEF back in favour with the Government, but it could also be used to promote the message of the resurgent Indian economy and revive sagging foreign direct investment flows.

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