The Hindu Business Line : `India, China promising consumer markets'

The foremost concerns are global issues such as rising oil prices and trade imbalances and how global challenges would have to be addressed in the most creative way.

Davos , Jan. 25

THE World Economic Forum Annual Meeting 2006 opened in Davos, Switzerland, on Wednesday with Professor Klaus Schwab's insights into the history and activities of the forum.

With over 20,000 delegates from across the globe and `The Creative Imperative' as the theme of the conference, the foremost concerns on the minds of participants are global issues such as rising oil prices and trade imbalances and how global challenges would have to be addressed in the most creative way.

Participants are especially concerned over the worsening state of the US current account deficit and how consumer spending globally could take a hit if oil prices continued on their northward trend.

Closer home, Asia is being seen as the next big market to be tapped to drive the world economy.

In fact, it was significant that the PricewaterhouseCoopers Global Survey of over 1,400 CEOs released here showed that companies were looking at China and India as markets with large consumer bases that could be tapped.

Though using India and China as cost competitive manufacturing bases and India specially as the world's back office is what is repeatedly emphasised in the new economy, the survey found that for global companies access to the consumer was even more important. India too started the first day of the WEF with a bang.

Over a dozen CEOs spoke about India's potential to attain 10 per cent growth if infrastructure and labour policy constraints were addressed.

The `India Everywhere' campaign that has been organised by the Confederation of Indian Industry (CII) in association with the India Brand Equity Foundation comprises a series of initiatives showcasing the country. This is the largest-ever presence of India at the annual meeting with over 57 sessions featuring Indian speakers.

While Mr Mukesh Ambani, Chairman Reliance Industries, participated in `The Big Debate: Setting the Business Agenda', the Finance Minister, Mr P. Chidambaram, the Commerce Minister, Mr Kamal Nath, and the Deputy Chairman, Planning Commission, Mr Montek Singh Ahluwalia, are also slated to participate in key sessions later in the week.