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Focus on India as potential ‘powerhouse’

SINGAPORE: An emerging consensus over India’s potential as an economic “powerhouse” marked the inaugural plenary session of a “conclave” here on Thursday.

The two-day “Opportunity India” conclave is being organised under the auspices of the Chennai-based Zak Trade Fairs & Exhibitions Pvt. Ltd.

“The changing face of India” was another key theme of the day’s other sessions.

The other issues covered ranged from a profile and prospects of India’s health care and biotechnology sectors to the globalisation of Indian fashion and the new trends in the country’s education domain.

Leighton Asia Director Simon Chivers, a theme presenter, later said on the sidelines of the conference that “China is very much a reality [as a powerhouse] and India will be exactly the same.” On China being already way ahead of India, Mr. Chivers said: “Only because, China started ahead of India.” Far from the “ground reality” of India’s potential being a fractured one, the country “has the people to man the factories [including those of multinational companies] that will supply the world with goods.” He cited India’s “advantages” as its “great information technology skills, rule of law, and democracy, besides English language [skills].” Both India and China would be the economic powerhouses from Asia in the 21st Century, Mr. Chivers said.

Global Adjustments Chief Executive Officer Ranjini Manian said “the ground reality is that India is certainly poised to become the powerhouse, whether it is in the workforce [arena] or in [terms of] the interest that India has.” Being “completely positive” about India’s powerhouse prospect, Ms. Manian took the line that the only “debatable” point was about the “speed” at which the potential could be translated into reality.

Dow India Engineering Center President Sherry S. Murphee said India and China possessed “different strengths and [also] different weaknesses.”

Ms. Murphee saw China and India being “mutually successful in their drive to become the powerhouses of the 21st Century” on the Asian scene. “Just cooperation” and not necessarily a partnership would be “mutually beneficial” to India and China.

Sensing “a trend of partnership between the workforces” of India and China, Fidelity Investments Vice-President Neeraj Wadhera saw how some multinational firms were already creating for themselves “a dual presence” in these two countries. “China is fast bridging the gaps” that existed between itself and India in such spheres as English language proficiency, Ms. Wadhera noted. At the same time, “it is absolutely evident” that India would be a “powerhouse for tomorrow’s global economy.”

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Focus on India as potential ‘powerhouse’

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