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Global environment in India's favour : Koerber

The India Economic Summit  concluded with the message that the global environment was in country's favour provided the competitiveness is enhanced in all sectors through greater execution, efficiency, benchmarking and speed.

"In all sectors, question of competitiveness comes down to execution, efficiency, benchmarking and speed," said Co-Chair India Economic Summit and Metro CEO Hans-Joachim Koerber told reporters at the concluding press meet.

He also stressed that India needed to reduce budget deficit through proper pricing mechanism and better directed subsidies, besides reducing bureaucracy and streamlining tax system.Koerber said economic reform needed to be moved from central government to state level.

Speaking on the same ocassion, Infosys CEO and Co-Chair of summit Nandan M Nilekani said Indian industry needed to invest in agriculture to push farm sector growth to over 4 per cent, along with sharing responsibility with government to improve environmental management, empowering women.

He said industry should increase investment in research and development towards preventing malaria, TB and HIV- Aids.

The summit also recommended that India should maximise the demographic dividend by improving education, innovative vocational training and re-skilling the workforce.

"India could become the knowledge hub of the world by using ICT in all aspects of Indian life," Co-Chair of summit and SAS CEO Jim Goodnight said.

The summit also asked India to play a proactive role in strengthening the global security environment through sustained dialogue.