In an era of digitization, how can India be a global resource for innovation, growth and talent? Arun Jaitley, Union Minister for Finance and Information & Broadcasting; John Chambers, Executive Chairman of Cisco; Sunil Mittal, Chairman of Bharti Enterprises, and Nouriel Roubini, Economics Professor at New York University, in conversation with NDTV's Vikram Chandra at the World Economic Forum meet in Davos.
Here are the highlights of what they said:
Arun Jaitley:
The world is facing a difficult and challenging situation
I don’t think we are going into a critical situation, but there are unpredictabilities
Today volatility seems to be the norm
Shrinkage is substantial in values partly in volumes
Currencies are impacting; stock markets are impacting
Despite that, it is a challenge how economies are facing the situation
Lower oil subsidy helped us re-plan government expenditure
Savings for lower oil prices going to consumers, infrastructure and oil companies
Rationalisation of subsidies is one of biggest reforms that has taken place
Wrong to say government is pocketing the bonanza from lower oil prices
Saw new India at start-up conference
Some more steps to address the concerns of steel sector are in the pipeline
Nouriel Roubini:
Investors worry about a hard landing of Chinese economy
Fall in oil prices overall positive for global economy
Many here are asking the question whether we are back to 2008 and recession
My answer is no
Don't expect global economy to head into a 2008-crisis type situation
It is true that we are going through a period of significant financial and economic volatility
If there is a hard landing of Chinese economy, there would be a crash of the stock market
It is true that global economy is going through a period of significant financial and economic volatility
Biggest challenge for India is accelerating supply-side reforms
India need to sort out GST (goods and services tax), land reforms, banking non-performing loans
India in a sweet spot with regard to fourth industrial revolution
Access to finance is an important issue with regard to start-ups in India
Sunil Mittal:
Government policies on the right track
Principal reason I am bullish about India for the next few years is the entrepreneurial spirit
Government is doing a lot but it needs to do more; RBI has to lower rates more
Prime Minister can play a huge role in stoking private investment
PM Modi has a magical influence on business heads
PM Modi needs to get 100 of us in a room and address our concerns
The fourth industrial revolution belongs to India
John Chambers:
The kind of entrepreneurship we are seeing in India is unseen elsewhere
India can become the manufacturing hub for Asia
If I were to do a start-up now I would do it in Silicon Valley or in India
The government needs to ensure robust broadband highways
I think the world wants to bet on India
Pieces of fourth industrial revolutions are there in India, the country has to put them together
Broadband access to everyone is a must to foster the digital start-up revolution in India
Andhra Pradesh Chief Minister N Chandrababu Naidu:
