Speaking in the Indian context, Mr. Mahindra said that while the country was at the cusp of a major uptrend in innovation, India and China will not live up to their own aspirations simply by doing jugaad, or frugal innovation.

World business leaders today said there is a need for a 'golden triangle' collaboration between governments, companies and the civil society to rejuvenate the global economy, create jobs and fight corruption.

Leading world bankers at the World Economic Forum in Davos, Switzerland, are on the defensive amid demands to regulate their industry more closely following a financial crisis that has battered large chunks of the global economy.