India on the rise but it's a tough climb: Nilekani

NEW DELHI: India's growth rate, though commendable, is not adequate to ensure jobs for its burgeoning youthful population, said Nandan Nilekani of Infosys Technologies and Co-Chair of the India Economic Summit 2005.

Speaking at the Summit, he said “We need 10 percent growth across the board to create the 50 million jobs that India will need in a few years,” he said, cautioning against a sense of complacency.

Tarun Das, Chief Mentor, Confederation of Indian Industry (CII), India, who chaired the session, put some provocative questions to the panel regarding their perceptions about India.

"My perception of India is as a land of opportunity", said Gianni de Michelis, Member of the European Parliament, Brussels, who spoke on the evolution of a new axis of power where trans-Atlantic and trans-Pacific areas are balanced by a strong Eurasia.

Hans-Joachim Koerber, of Metro, Germany, who is also a Co-Chair of the Summit, said India must resolve the critical issues of supply chain management, mass distribution, retailing and wholesaling. Competition would strengthen the rural economy and raise living standards.

“'Brand India' to me epitomizes the all-pervasive spirit of optimism, people power, born-in-India multinationals and growth strategy,” said Sir Martin Sorrell, Group Chief Executive of WPP, and Co-Chair of the India Economic Summit.

In conclusion, the panelists variously listed the challenges they perceive to India's growth trajectory, including making democracy work, building supportive infrastructure and balancing centre-state relations. Finally, Das painted a picture of India offering five growing buckets to the world: services; manufacturing, construction and pharma; the food and agri business; soft skills; and science and technology.