With Mr. Ajay Piramal, Chairman, Piramal Group and Shriram Group; Mr. Anil Agarwal, Chairman, Vedanta Resources Plc; Mr. David Cruickshank, Global Chairman, Deloitte; Professor Martin Feldstein, George F. Baker Professor of Economics, Harvard University & President (emeritus), National Bureau of Economic Research; Mr. Rana Kapoor, Founder & CEO, YES Bank and Chairman, YES Global Institute; Mr. Rich Lesser, Global CEO, BCG; moderated by Mr. Sriram Ramakrishnan, Resident Editor, West, Economic Times.

David Cruickshank
– The world economy is looking good today
– Immense benefits of free trade and globalisation in last 20 years
– Internet has pushed free trade forward
– But think about those who have been left behind by the technical gap. Corporates need to bridge the gap
– The world economy is looking fairly good at the moment
– Since 2008, businesses have gotten better used to dealing with uncertainties. They are experiencing unprecedented change, but it doesn’t scare them as much

Martin Feldstein
– Sill debate amongst seniors of Trump administration. Desire to open markets to increase US exports. US is still behind in the globalisation process
– There are global links in the production process. As we move forward, we will see a strengthening of the process, rather than a destruction
– India is a nation of entrepreneurs. And entrepreneurs can drive the economy forward. But it needs a viable financial structure. Banks have to be brought back to health to participate in economic activities
– In China, wages are rising, China is becoming less competitive
– India should be involved in supply chain activities now happening in China. This involves importing the components needed to do this

Anil Agarwal
– There is tremendous opportunity with India. People are now coming to invest here
– My focus is on infrastructure – government investment will change the country
– Natural resources – we have a pool of hydro-carbon; basis which thousands of SMEs have opportunity to build
– Start-ups and SMEs – this is the country for global partnerships
– Trust your entrepreneurs
– I am very optimistic of India. I appeal to everyone to be positive. The opportunities here will not be found anywhere else

Rana Kapoor
– India’s wealth is more below the ground than above the ground
– The global ideologies are changing and then there are tectonic changes in economics
– Interconnectedness is relevant today as consumption is happening in other countries
– Our opportunity is to build high-end jobs in creative industries. Create and design in India. Not to take over China’s space

Ajay Piramal
– Unless we solve the problem of non-performing assets, we are in trouble
– Public sector banks are showing negative growth; while private sector is growing
– Confidence needs to come back. Productive banking is not taking place
– Government is not doing enough to solve problem of NPAs
– You can’t grow till public sector banks are funded

Rana Kapoor
– India has become a country of credit worriers (as was said to me by founder of Oak Tree, Howard Marks). India needs ‘credit warriors’
– We have to solve the problems of the past to galvanise the future
– Government has created the tailwinds. The leadership in banks have to perform

Rich Lesser
– We are looking at a world with lots more uncertainty with risks in cyber security, healthcare, geo politics. We have to deal with a very different risk framework than what existed before
– The nature of globalisation is changing. Opportunity to bring production closer to where demand is
– Digital revolution can leapfrog the kind of services provided in education, banking etc. India has the ability to be at the centre of that