Incredible India @ 60

There could hardly be a better way to celebrate sixty years of Independent India than to invite some of the finest minds in the country to celebrate the idea of India and debate the future. And this is exactly what transpired at the Standard Chartered Bank Annual Global Markets client conference, which was held in Goa this year. "This conference in the past focussed largely on financial market issues. However given the most topical issue being India @ 60 we decided to celebrate the India story this year. Having been in the country for 150 years our fortunes and those of our clients are inexplicably linked to the country story" says Mr. Hemant Mishr, Managing Director Global Markets , Standard Chartered Bank (SCB) India. The event was a mix of the eclectic and the erudite. On one hand you had veteran journalist and former union minister, Dr. Arun Shourie expounding on India's economic development while on the other hand Sir Mark Tully, a man who has chosen to make India his home, compared and contrasted the Indian approach to life from that of the western nations and even West Asian nations. And then there was the legendary Kapil Dev who gave a twist to the discussion when he spoke on the role of sports in creating a happy and prosperous nation. The event kicked off with a video that showcased the moments, which define the last sixty years of India's independence - the triumphant Kapil's team holding aloft the 1983 cricket World Cup, the economic reforms of 1991 which have helped India get where it is, the IT boom of late 90 and the telecom revolution. Mr. Sundeep Bhandari, Managing Director & Head of Global Markets for (SCB), South Asia then took centre stage. He combined his experiences as an Indian and as a global banker to illustrate the paradigm shift that has taken place in the Indian economy. To his mind nothing illustrated this better than the journey of the Indian rupee. "In the early 1990s when capital flows were liberalised, the predictability of the rupee was in one direction - depreciating against the dollar. Then during the early part of this decade we saw tremendous volatility in rupee. Today I see a step change in the rupee, it is consistently appreciating and there is expectation that rupee may appreciate significantly by 2010. For me this signifies paradigm change in India's financial market," said Mr. Bhandari. Mr. Bhandari went on to say that he felt privileged to be part of this incredible change happening in India: "From the days when there was a dearth of foreign capital, we have come to a stage, where a deluge of foreign money is waiting to come into India. The trend is very clear; we are living in an age of hyper growth." Having set the tone for the session, Mr. Bhandari then invited Dr. Arun Shourie, former union minister and Mr. Neeraj Swaroop, Chief Executive Officer of Standard Chartered Bank (SCB) India on to the stage. Mr. Shourie, who was also the guest of honour, then lit the ceremonial lamp. In his opening remarks, Mr. Swaroop said that those of us living in India in a sense tend to underestimate the excitement and interest that the Indian story has generated and is continuing to generate. "The world is spending a lot of time looking at India and trying to find out what's happening here. Those of us within the system don't realise the extent of change that is taking place. It is important to take stock of this change on platforms such as this one, because this is what will determine our future." He briefly dwelt upon the Bank's operations in India and its growing importance in SCB's global scheme of operations. Interestingly, SCB's first global bank opened in Kolkata in 1858. Today the Indian operations contribute nearly 16% of the Bank's global revenues, making India one of its largest markets.

The day however belonged to Dr. Shourie, a man who has worn many hats. An erudite speaker, Dr. Shourie took the audience on a journey of India's economic development through the last 60 years and also articulated the concerns that need to be addressed as we move ahead. He said that India's growth has been backed by a marked improvement in the competitiveness of Indian industry and faster export growth. He pointed out that the Indian economy has come a long way from the period of the 'Hindu rate of growth' in the 1960s and 70s to the hyper growth phase we are living today. In order to make growth sustainable he argued that it would be imperative for the corporate India to provide thought leadership. He also cautioned against being too insular. He asked the audience to study socio-economic changes in our neighbourhood and major countries so that we are prepared to face the opportunities and challenges of the future. "Do we know for example that while India is facing population explosion, Europe is struggling with declining population, or that Mohammed is now the third most popular name of a boy child in Europe? We can't ignore these changes as they will define future," said Dr. Shourie. He also requested the business community to be more alive to the challenges of climate change and the depletion of natural resources especially hydrocarbons. "Disowning the responsibility of environmental degradation will only postpone the problem. India and China must take responsibility of environment," said Dr. Shourie. The pressing need he said is for Indians to challenge conventional wisdom and look for new solutions. "Will a Rs. 1 lakh car really solve India's transport problems?" Other issues that he believed which needed to be dealt with included the quality of governance and the urgent need for reforms in the pension and social security system. While most speakers would have found Dr. Shourie a tough act to follow, it was a testimony to the stellar line up of speakers, that the man who followed Dr. Shourie had an equally formidable reputation. And that was Sir Mark Tully. No body knows the soul of India better than Sir Mark given that he served as the BBC India chief for over 30 years travelling to the farthest corners of India reporting on events and issues and meeting vast spectrum of Indians. He has also authored nearly half a dozen books on India. Speaking on the theme of progress and its pitfalls he cautioned the audience about trying to paint India with the common brush of globalisation. "It's true that we live in a globalised world and events in faraway places affect India. However I must say that India is incredible because it's different; imported or transplanted solutions don't work here." He illustrated this by contrasting Indian culture and value system with that of the European or West Asian cultures. "You think of Rome, you think of Athens or Cairo, you think of very ancient cities. But these are the cities, which have broken their links with the past. In contrast when you think about an Indian city like Varanasi you think of a city whose link with the past still survives," said Sir Mark. He said that the strength and adaptability of Indian culture sets it apart from other ancient cultures, all of which have disappeared. According to him Indian culture survived because of its flexibility, its adaptability and its openness to new cultures, new people and new ideas. "In contrast to Semitic religions, Indians have not been seduced by a search for certainty. Indians are always willing to accept uncertainty and change in best of times. This leads Indian to be flexible about their beliefs and follow a middle-path." Sir Mark's cerebral analysis was followed by a more analytical address by Mr. Bala Swaminathan, Head-CR, SCB South Asia. Mr. Swaminathan believed that while India was poised for greatness one of the key impediments was the lack of infrastructure. He pointed out that unless India as a nation took urgent and necessary steps to resolve the infrastructure issue, growth could slow down in the future. Said Mr. Swaminathan, "If the infrastructure spending takes off as planned it will lead to an acceleration in the GDP growth. In the past it has happened in US during the 1960s and in China in 90s and there is no reason to believe why it shouldn't happen in India." He was followed on to stage by a man speaks straight from his heart - Kapil Dev. This former Indian cricketer great gave the session a whole new twist by bringing the role of sport into the activity of nation building. He argued that though economic prosperity is important, entertainment and sports is equally crucial. "What's the use of wealth if you can't enjoy it or you don't have a healthy body? So buy a pair of sports shoes and hit the grounds. Healthy minds need an equally healthy and fit body," he said. It was a suggestion that found great acceptance within the audience. The speeches were followed by a panel discussion on Vision India: 30 years from now. Along with the main speakers, the panel had Mr. Rajiv Garg, CEO of JSW (US), participating in the discussions. The session was moderated by Mr. Hemant Mishr.