The Hindu Business Line : `Global economic imbalance needs proactive solutions'

MR Klaus Schwab, Founder and Executive Chairman, World Economic Forum, said on Monday that the global economic imbalance in production, consumption, savings and investment patterns needs to be solved by proactive procedures.

He was speaking at the session on Global Challenges in India at the India Economic Summit jointly organised by World Economic Forum and the Confederation of Indian Industry.

Mr Schwab suggested that the race against time could be won not through confrontation but through the "3Bs" process, which means bonding in terms of problem identification, binding in the meaning of objective identification and building action identification.

He emphasised the importance of "social entrepreneurship" to cope with challenges on a micro level.

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