Can India score a perfect 10 GDP?"

MUMBAI: CNBC-TV18, India's leading business medium and Confederation of Indian Industry (CII) have joined hands to promote the 'India Economic Conclave 2006' presented by the Bank of Rajasthan. The India Economic Conclave is an annual event hosted by CNBC-TV18, which brings the top thinkers in the corporate world on a common platform to brainstorm on issues plaguing India Inc and suggest an appropriate course of action. The theme for the Conclave this year was ' Breakthrough Ideas to Attain 10% GDP'

The India Economic Conclave 2006 integrated two interactive panel discussions 'AIMING FOR 10% GDP - What needs to be done: The Role of the Government, Industry and Consumer' and 'Out of the Box Ideas for Double Digit Growth'. Moderated by Senthil Chengalvarayan and Shereen Bhan, the conclave deliberated on innovative and revolutionary ideas that could propel India into the next paradigm of growth in the Infrastructure, Manufacturing, Agriculture and Services sectors.

Speakers at the two sessions included corporate and government leaders like Mr Jyotiraditya Scindia, Loksabha MP – Congress, Mr. Ajay S Shriram, Chairman and Senior Managing Director - DCM Shriram Consolidated Ltd., Dr. Surinder Kapur, Chairman and Managing Director - Sona Koyo Steering Systems Ltd, Mr. Banmali Agrawala, Managing Director - Wartsila India Ltd, Mr Tarun Tejpal, Editor-in-Chief – Tehelka, Mr. R Seshasayee, President - CII, Mr. Tapan Bhaumik, Chief economist - Reliance Industries, Mr. Santosh Desai, President - McCann Erickson and Mr. Raman Roy, Chairman & Managing Director – Quatrro.

Speaking at the conclave, a spokesperson for CNBC-TV18 said, "The ultimate aim of the conclave is to create and write a socio-economic blueprint that will help Heads of State, CEOs, and Policy Makers from India and across the world to understand and work with the vast opportunity that is India. The next milestone ahead of India is breaking through the 10% GDP barrier and one thing is loud and clear if the Indian economy has to grow by 10% then the consumers, government and the industry players will have to work in perfect symphony."

Sustained economic growth presents different challenges to India - revitalization of the rural economy, improved delivery of necessary public services, enhanced management of urban areas, and facilitation of cost-effective investment in infrastructure were identified by the panelists.

The discussion revealed that for India to achieve a 10% GDP growth the immediate need is to increase infrastructure spend to GDP. The problem which arises here was Investment as China spends around 20% of its GDP on Infrastructure projects while India spends only 6%. Hence there is a strong case for raising this number.

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