A 'wealth' of speakers

Last Monday I was fortunate enough to attend an event in London on the topic of "India at 60 in a Changing World" - an event which sought to discuss how far India had come since independence and look at the various challenges and opportunities faced over the next 20 years. Naturally, with the event taking place at the LSE, the assembled panel comprised of some of the biggest fiscal decision makers in the world, including Kamal Nath - India's Minister of Commerce and Industry, Dr YV Reddy - the Governor of the Reserve Bank of India, OP Bhatt - the Chairman of the State Bank of India and Mervyn King - the Governor of the Bank of England!

While all speakers spoke very eloquently and in general very positively about India's prospects in the years to come, it was OP Bhatt who was most objective. He warned about several factors which would hold India back if not addressed, including:

• the lack of necessary infrastructural development, which will eventually choke/restrain growth - though money is being invested in this slowly, it is not enough
• India's current demographic advantage (a high proportion of youth compared to the elderly) could turn into a "demographic disaster" if there is enough targeted investment in education, something which is vital in the current knowledge-based economy
• public health, particularly with regards to things like sanitation, clean drinking water etc. needs development
• India's banking system lacking in scale and size
• financial disparity growing between the rich and the poor

He closed on two, almost profound, points which struck me for their outward outlook. Firstly, he said that for India to be truly considered a global power it should be tackling global, macro issues such as alleviating poverty, tackling climate change, fighting terrorism etc. and ended by saying: "India should breathe the concept that the world world is one family - Vasudhaiva Kutumbakam"

I'd love to hear what you all think so feel free to add your comments!