Business Today

Davos discourse to focus on jobless economic growth

The Geneva-based World Economic Forum (WEF) would be playing host to officials from top companies around the world, heads of states, academicians and faith leaders.

twitter-logoPTI | January 25, 2011 | Updated 17:30 IST

Over 2,500 global leaders, including 130 from India, are converging in Davos (Switzerland) on the snow-covered Alps to discuss for the next five days the future of the world economy, concerns of growth not creating enough number of jobs, particularly in rich nations.

The Geneva-based World Economic Forum (WEF) would be playing host to 1,400 from top 1,000 companies around the world, 30 heads of states or governments, renowned academicians, artists and the faith leaders, including head of the Chinmaya Mission in New Delhi.

The masters of the corporate world, governments and spiritual world and intellectual are meeting against a global economic environment, which is yet to fully recover from the severe setbacks received in 2008 and 2009.

The recovery in the developing world is largely driven by domestic demand but is quite considered fragile in the western economies.

According to the World Bank, though the global economy recovered by 3.9 per cent in 2010, the pace is not enough to create adequate number of jobs.

India, the second-fastest expanding economy of the world after China, is fielding the biggest-ever delegation of 125 CEOs and senior ministers like Home Minister P Chidambaram, Commerce and Industry Minister Anand Sharma, Urban Development Minister Kamal Nath and Heavy Industries Minister Praful Patel.

The who's who of India Inc will rub shoulders with global CEOs, not only in the brainstorming sessions in the main venue Congress Centre but also at the 'Night Caps' parties and fun-filled evenings, including the 'Bollywood Music Night'.

Noted music director A R Rahman will be making a serious presentation about his work.

India has been given unique honour of co-chairing this year's meeting by the country's top woman CEO. ICICI Bank's Managing Director and CEO Chanda Kochhar will be in the company of Mitsubishi Corporation Chairman Yorihiko Kojima, Nestle CEO Paul Bulcke, DuPont CEO Ellen Kullman and CEO of China Occean Shipping Group Company Wei Jiafu.

Sharing her thoughts about the Indian and global economy, Kochhar said: "The growth of the Indian economy would continue to be driven by consumption demand by millions of aspiring young people and increasing investments."

"India is a very young nation and will continue to remain young for decades. What this means is that millions of workforce would be aspiring to consume and create demand. That is the consumption drive which is going to drive India's growth," she said.

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