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Preeti Mehra

Davos , Jan 26

AS India celebrated its Republic Day on Thursday, Davos, the Swiss venue of the World Economic Forum also saw the Indian contingent here celebrate the emergence of an even more vibrant democracy back home.

And while the Indian political and business leaders hope for a more significant way forward with the world looking at India as a potential investment destination, they emphasise the need to take the country's vast rural population along.

A few years ago the Indian business community may not have emphasised a rural thrust to business and the need to enhance social parameters, so that the country's growth is balanced and sustainable. But today it is high on the agenda and every CEO made it a point to emphasise this aspect.

ITC's Mr Y.C. Deveshwar, who is also the CII President, made it a point to talk about "connecting with the villages" and the Government's Bharat Nirman programme. He said his company too was in the process of creating and developing rural markets to empower the "marginal and fragmented land owner".

The Managing Director and Chief Executive Officer of ICICI Bank, Mr K.V. Kamath, too spoke about how "every CEO is looking at the next horizon - rural India" and that wealth creation must take place in the hinterland as well.

Global Risk Report: On the global front, the concerns were different. The WEF, in an attempt to fathom the global risks facing the world in 2006, released its Global Risk Report, which advocates a proactive risk mitigation agenda. "Our common vulnerabilities to global risks, from terrorism to natural disasters, were on tragic display in 2005. In an increasing interconnected world, we have a shared responsibility to collectively address global risks," it says.

While outlining terrorism and climate change among some of the concerns that would continue in 2006, the oil price spike and hence the world's reliance on hydrocarbons, and growing concerns about the geopolitics of supply, which would impact oil prices in 2006, were emphasised.

Social get-togethers: On the lighter side, Davos saw a number of social get togethers on Wednesday evening, which made for ideal networking venues. For India it was the Bajaj Auto reception that saw the veritable who's who of India present. Mr Rahul Bajaj was at his best playing host to the Finance Minister, Mr P. Chidambaram, the Deputy Chairman of Planning Commission, Mr Montek Singh Ahluwalia, and a battery of the country's top CEOs, including Reliance's Mr Mukesh Ambani, Bharti Enterprise's Mr Sunil Mittal, Godrej's Mr Jamshyd N. Godrej and ICICI's Mr Kamath.

The evening saw one more India gathering, this time a dinner hosted for the Indian contingent by Deutsche Bank. It's here that news about the Commerce and Industry Minister, Mr Kamal Nath, having arrived in Davos filtered in, with promises of a meeting with the press the following day.

In other ways too it was a promising evening - the ones who were missing the Indian desi fare could satiate their craving.

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