At World Economic Forum, Indian Business Elites Fret Over Their Country’s Future Growth

At the World Economic Forum summit in the environs on New Delhi, a TIME-sponsored panel explored how India's economy can be reinvigorated and made more inclusive in the decades to come

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Manish Swarup / AP

Bajaj Auto India Chairman Rahul Bajaj, second from right, speaks to a delegate during the World Economic Forum in Gurgaon, on the outskirts of New Delhi, India, on Nov. 7, 2012.

Is India over its snub in the last U.S. presidential debate, when neither candidate mentioned the world’s largest democracy and a crucial regional partner? Maybe not, if the last few days at the World Economic Forum (WEF) outside New Delhi is any indication. Neither the news of President Obama’s re-election nor the opening of China‘s Communist Party Congress generated much buzz at the meeting of Indian minds this week, and what little comment there has been has come at the prodding of panel moderators reporters looking for soundbytes. “We congratulate Mr. Obama on his reelection,” Anand Sharma, India’s trade minister, said after being asked about it by a moderator. “Given the challenging the background [in the world today]…. expectations of people from their leaders are very high.”

That’s equally true in India, and that’s probably a much better explanation for why other country’s affairs haven’t come up much in the past few days. India’s gathered business leaders, NGO heads and a handful of politicos have had other things on their mind, like India’s sliding growth, endemic corruption, anemic infrastructure, inefficient bureaucracy, scarcity of good jobs, growing censorship, lack of clear policy and glaring gender inequity, to name a few of the problems that have surfaced. Despite the recent spate of government reforms and reshuffles intended to disperse the pall that has hung over India this year, the discussions have consistently veered back to the question of why, exactly, India has strayed from the path of seemingly inevitable greater prosperity, and more importantly, who’s to blame. “I am a very proud Indian, but I am a very unhappy Indian today,” said Rahul Bajaj, head of Bajaj Auto, on Wednesday. “We are skilled and motivated workers, entrepreneurs and farmers who are raring to go,” he said, but “nothing is happening.”

(MORE: Open for Business? Why Indian Entrepreneurs Need a Hand)

The dearth of government figures at the conference — Prime Minister Manmohan Singh opened the forum in 2009; this year it was Canada’s Stephen Harper — hasn’t helped counter concerns that the public sector in particular could be doing more to alleviate India’s gravest social ills. “The scale of the problems require the state to take ownership,” said Ramesh Ramanathan, chairman of Janalakshmi Financial Services (JFS). “This is ours to lose… What is frankly disappointing is that we don’t see [enough] leadership in the political class today.” Not surprisingly, that sentiment has been countered by the public officials in attendance. “We need to do things better. We cannot claim victory,” acknowledged Arvind Mayaram, secretary of the finance ministry’s Department of Economic Affairs, during a TIME debate on how to create more inclusiveness in India. But overall, he added, “I do not see any cause for pessimism as far as India is concerned.”

Though many here would disagree, a few clear exceptions to the gloomy vibe have emerged. The conference kicked off on Tuesday with a group of high-profile Indian companies, including Bajaj, Infosys, Godrej Industries, and Genpact, signing onto a WEF-sponsored anti-corruption initiative with the pledge to battle corruption in their businesses and supply chains. And while it had the whiff of some highly symbiotic p.r., it could also reflect what some here are saying: that civil society-led anti-corruption drives of the last two years are starting to pay off, if not by stemming the problem than at least by getting people to acknowledge it’s happening. “What I see in the last few months is a definite awareness by government that there are things that need to get done,” said Zia Mody, a Mumbai-based lawyer, during the TIME debate.

(PHOTOS: Nationwide Strike Hits India’s Teeming Cities)

Another thread to surface is how technology can help get India to where it wants and needs to go. Though India’s global tech expertise developed with an eye on the international market, players in both the public and private sectors are figuring out how to put those skills to work in everything from the fight against corruption with web sites like ipaidabribe.com, to getting teachers to show up to work in rural schools. “India is known for tech,” Neel Ratan, executive director of PricewaterhouseCoopers India, which has helped the government design several e-governance programs, said on Thursday. “Can we solve our problems with these skills?”

The work they’ve done so far is encouraging: For instance, an online program where people can file their income taxes has both helped taxpayers get automated returns in a timely manner and freed up thousands of civil servants to chase individuals who aren’t filing, a major problem in South Asia. It’s an example of the kind of public-private partnership that could help improve services to hundreds of millions of Indians living in parts of the country where the public sector is not as robust as it could be. “Information technology and some of the current developments in IT are an enormous opportunity in addressing some of [India’s] problems,” said David Thomlinson, the global head of geographic strategy and operations of Accenture, in TIME’s debate.

Getting broadband to the countryside won’t solve everything, but but the fact that no one actor can — and that civil society, government, business, and voters all have to do their part — is something that everybody here could agree on. “One model is not sufficient given the size of the problem,” Kris Gopalakrishnan, the executive co-chairman of Infosys, said on Thursday. “We need to try to different things… How can we all work together to make this happen?”

Watch TIME’s panel, moderated by Time Asia’s editor Zoher Abdoolcarim “Growth Beyond Numbers: How Can India Shining Be a Story for All?”:

27 comments
syed04
syed04

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Slightly Seasoned

Seasoned

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Regard

SYED SERAJUL  BANGLANDESHI

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syed04
syed04


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Gomez
Gomez

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1M – 100M: 3.0% + (0, 5% + 1, 5%)= 5%
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zunilfinconsults
zunilfinconsults

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100BILLION EURO/USD

3.Issuing Bank: HSBC London or AA rated Bank in Western Europe or 


USA.

4.Term: One Year, One Month

5.Leasing Price: 5% of Face Value plus 0.5% Lessor agent [Closed] & X% 


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6.Delivery: SWIFT TO SWIFT

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Gomez
Gomez

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gomez Richard
Contact: gomezfinance70@gmail.com
Skype ID: gomezfinance75

Gomez
Gomez

Dear Sir/Ma,
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Trading, Discounting, signature project(s) such as Aviation,
Agriculture, Petroleum, Telecommunication, construction of Dams,
Bridges, Real Estate and all kind of projects. We do not have any
broker chain in our offer or get involved in chauffeur driven offers.


We deliver with time and precision as Seth forth in the agreement. Our
terms and Conditions are reasonable, below is our instrument
description.
The procedure is very simple; the instrument will be reserved on euro
clear to be verified by your bank, after verification an arrangement
will be made for necessary bank documents and stock testing expenses,
the cost of the Bank Guarantee will be paid after the delivery of the
MT760,


Description OF INSTRUMENTS:

1. Instrument: Bank Guarantee (BG/SBLC)
2. Total Face Value: Eur 5M MIN and Eur 10B MAX (Ten Billion USD).
3. Issuing Bank: HSBC Bank London, Credit Suisse and Deutsche Bank Frankfurt.
4. Age: One Year, One Month
5. Leasing Price: 6% of Face Value plus 2% commission fees to brokers.
6. Delivery: Bank to Bank swift.
7. Payment: MT-103 or MT760
8. Hard Copy: Bonded Courier within 7 banking days.

We are ready to close leasing with any interested client in few
banking days, if interested do not hesitate to contact Info below:
Thank you.
gomez Richard
Contact: gomezfinance70@gmail.com
Skype ID: gomezfinance75

DannyKaneMatthew
DannyKaneMatthew

GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR LEASE AT THE LOWEST RATES AVAILABLE. OTHER FINANCIAL INSTRUMENTS SUCH AS MTN, CD, DLC, PB ARE ALSO AVAILABLE.

We offer certifiable and verifiable bank instruments via Swift Transmission from a genuine provider capable of taking up time bound transactions.

Contact : Mr. Raghvendra Pathak
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Maxiefinance
Maxiefinance

Dear Sir/Ma,


We have direct providers of Fresh Cut BG, SBLC and MTN which are specifically for lease. Our bank instrument can be engaged in PPP Trading, Discounting, Signature Project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, Construction of Dams, Bridges, Real Estate and all kind of projects. We do not have any broker chain in our offer neither do we get involved in chauffer driven offers. We deliver with time and precision as set forth in our agreement. Our terms and Conditions are reasonable, below is our instrument description.


DESCRIPTION OF INSTRUMENTS:

1. Instrument: Bank Guarantee (BG/SBLC)

2. Total Face Value: Min of 1M Euro/USD (One Million Euro/USD) to Max of 5B Euro/USD (Five Billion Euro/USD).

3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or

4. Age: One Year, One Day

5. Leasing Price: 5.0% of Face Value plus (0.5+X)% commission fees to brokers.

6. Delivery: Bank to Bank SWIFT.

7. Payment: MT-103.

8. Hard Copy: Bonded Courier within 7 banking days.


All relevant business information will be provided upon request.


If Interested kindly contact me via Email:~ Maxie.finance@gmail.com

Skype ID: maxil.finance 

providermandate
providermandate

ARE YOU AN INDIVIDUAL BUSINESSMAN OR A BUSINESS ORGANISATION THAT WISHES TO EXPAND IN BUSINESS, WHY NOT SOURCE FOR BG/SBLC FROM SORIN LASSMANN BROKERS WHO HAVE BG/SBLC SPECIFICALLY FOR LEASE AT A LEASING PRICE OF 5+2 OF FACE VALUE ISSUANCE BY HSBC LONDON/HONGKONG OR ANY 25 TOP AA RATED BANK IN EUROPE, MIDDLE EAST OR USA. WE ALSO SECURE FUNDING PROJECT LOANS FOR 3% APR

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bgleaser.butty
bgleaser.butty

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Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding

All relevant business information will be provided upon request.
If Interested kindly contact me via Email:~
Mr. Bernard butty
Email: leasebutty.bg@gmail.com

Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved

oselu
oselu


Dear Sir,


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Maxiefinance
Maxiefinance

We arrange Following Bank Instruments
Letter of Credit ( LC)
From Various Banks in Singapore / HongKong / Europe /USA
Used For Import / Export Business and Trade Finance .
90/180DAYS
Bank Guarantee ( BG )
Fresh Cut
Slightly Seasoned
Seasoned
Stand By Letter of Credit ( SBLC )
90DAYS / 180/ 365DAYS

Regards
Maxie Saviel
Contact: Maxie.finance@gmail.com
Skype ID: maxil.finance

financialconsultants.rm
financialconsultants.rm


ARE YOU AN INDIVIDUAL BUSINESSMAN OR A BUSINESS ORGANISATION THAT WISHES TO EXPAND IN BUSINESS, WHY NOT SOURCE FOR BG/SBLC FROM SORIN LASSMANN BROKERS WHO HAVE BG/SBLC SPECIFICALLY FOR LEASE AT A LEASING PRICE OF 5+2 OF FACE VALUE ISSUANCE BY HSBC LONDON/HONGKONG OR ANY 25 TOP AA RATED BANK IN EUROPE, MIDDLE EAST OR USA. WE ALSO SECURE FUNDING PROJECT LOANS FOR 3% APR

Finally I will assure you of our total commitment to achieving this transaction as I always look forward to doing more business with you in future

Contact : Mr. Li Josef
Email: lijosef.bgsblc@gmail.com
Skype ID: li.josef

rshearwaters1
rshearwaters1

We have BG/SBLC, specifically for lease at a leasing price of 6+2 of face value Issuance by HSBC London/Hong Kong or any other 25 top AA rated Bank in Europe, Middle East or USA. We also secure funding, project loans for 3% APR

Email: rshearwaters@yahoo.co.uk

Contact: Mr Ryan Shearwaters

Tel: + 44 207-060-1150

broker123
broker123

We arrange Following Bank Instruments

Letter of Credit ( LC)

   From Various Banks in Singapore / HongKong / Europe /USA

   Used For Import / Export  Business and Trade Finance .

   90/180DAYS

Bank Guarantee ( BG )

   Fresh Cut

   Slightly Seasoned

   Seasoned

Stand By Letter of Credit  ( SBLC )

90DAYS / 180/ 365DAYS

 Regards 

Agapito Gomez Martinez

Contact: martigapito.broker@gmail.com

Skype ID: martigapito.broker

broker123
broker123

We arrange Following Bank Instruments

Letter of Credit ( LC)

 From Various Banks in Singapore / HongKong / Europe /USA

   Used For Import / Export  Business and Trade Finance .

   90/180DAYS

Bank Guarantee ( BG )

   Fresh Cut

   Slightly Seasoned

   Seasoned

Stand By Letter of Credit  ( SBLC )

90DAYS / 180/ 365DAYS

 Regards 

Agapito Gomez Martinez

Contact: martigapito.broker@gmail.com

Skype ID: martigapito.broker

CarlAbrahamsson
CarlAbrahamsson

Dear Sir/Ma

Description
We offer fresh cut bank instrument for lease, such as BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both those and corporate bodies.

We are RWA ready to close leasing with any interested client in few banking days, if interested do not hesitate to contact us via email:

Mr. Carl Abrahamsson
Email: carlmab.broker@gmail.com
Skype: carlab.brokers

Regards,
Carl Abrahamsson

providermandate
providermandate

Fresh Cut BG / SBLC, MTN Specifically for Lease @ (5.0 0.5 X)%. Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected We are direct to a provider for BG/SBLC specifically for lease, at leasing price of (5.0 0.5 X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding: For further details contact us with the below information.

Contact : Mr. Sorin Lassmann
Email: providermandate.ls@gmail.com
Skype ID: ls.nicu

jangfinance
jangfinance

We arrange Following Bank Instruments
Letter of Credit ( LC)
From Various Banks in Singapore / HongKong / Europe /USA
Used For Import / Export Business and Trade Finance .
90/180DAYS
Bank Guarantee ( BG )
Fresh Cut
Slightly Seasoned
Seasoned
Stand By Letter of Credit ( SBLC )
90DAYS / 180/ 365DAYS

Regards
Jang Jeonghyeon
Contact: jangfinance75@gmail.com
Skype ID: jangfinance75

felixburke
felixburke

ARE YOU AN  INDIVIDUAL  BUSINESSMAN  OR  A  BUSINESS  ORGANISATION  THAT  WISHES  TO

EXPAND  IN  BUSINESS, WHY  NOT  SOURCE  FOR  BG/SBLC  FROM  FELIX  BURKE  BROKERS  WHO

HAVE  BG/SBLC  SPECIFICALLY  FOR  LEASE  AT  A  LEASING  PRICE  OF  5+2  OF  FACE  VALUE

ISSUANCE  BY  HSBC  LONDON/HONGKONG  OR  ANY  25  TOP  AA  RATED  BANK  IN  EUROPE,

MIDDLE  EAST  OR  USA.  WE  ALSO  SECURE  FUNDING  PROJECT  LOANS  FOR  3%  APR

EMAIL:  felixburke@live.co.uk

CONTACT:  FELIX  BURKE   

TEL:  +44-7920720215

forrestmillettech1030
forrestmillettech1030

Corruprion is the biggest problems that india need to solve with.

By the way ,We are Millettech companyAnd a professional ITcompany in Shanghai and we've been in this field for more than 6 years and offer services including web design and development 、web hostingwebsite maintenancedomain name registrationsearch engine registrationsearch engine optimizatione-commercecreative designlogo design & corporate identityVR and 3D Animation3D panoramic virtual tourgraphic designsoftware offshore outsourcing

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mrxexon
mrxexon

India's biggest enemy is India. Rampant corruption in government is bleeding the country. 

Combine that with multiple tribes of people and a sexually repressive but deviant society, the future doesn't look too bright. Gonna take another generation or two until India rises above 3rd world status.

 Their ace in the hole is thorium. They're one of the leaders in thorium reactor technology, plus they have a HUGE supply of the stuff. This could catipult them into being a very wealthy country someday.

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