India Summit 2015 India under Modi September 9th 2015 • Taj Palace Hotel • New Delhi One year after Narendra Modi became prime minister, much is changing in India. Mr Modi is a pre-eminent leader, the most dominant in decades: he wields an unusual degree of power over both his party and government, and his ability to guide reforms in India remains significant. Mr Modi has used his first year to make a series of grand, specific and welcome promises. He has pledged to deliver “good times”, meaning rapid economic recovery. He also promised strong national leadership, a high profile for India internationally, an end to the worst forms of corruption, the expansion of modern infrastructure and the creation of millions of new jobs. Mr Modi also created high expectations that he would deliver a more responsive bureaucracy, less red tape, a predictable tax regime and pro-business policies, especially to promote manufacturing. On many fronts, he has shown sharp improvements. India has made great economic gains since a downturn in 2013 under the previous government. As his government aims for an expansion of 7% to 8% annually, confidence is rising as a result of better monetary policy and improvements in general macroeconomic management. The IMF and other observers predict that India will shortly be growing faster than China. It is perhaps internationally that India has seen the most striking change. Mr Modi and his government have shown a new openness towards investors, and have tapped the increasingly influential Indian diaspora to promote closer diplomatic ties and more investment in India. Mr Modi has thrown himself with unexpected vigour into international affairs. His visits to Japan, America, Australia, China, Europe and much of his immediate neighbourhood, in his first year alone, reflect an unusual degree of activism abroad. In the use of technology in government, India is racing to build new capacity on a scale unseen elsewhere. Through use of mobile phone applications by state authorities, and adoption of a biometric database scheme to ensure better accountability of teachers, bureaucrats and other government employees, India is promoting rapid changes. On the social front, Modi has made a series of pledges to make India modern, from unbroken supplies of electricity and drinking water to promises of decent housing for all. Yet, one year on for Mr Modi, hope for deeper structural reforms and more rigorous policy implementation remains. How Mr Modi delivers on his many promises will be an important measure of his, and India’s, likely success on all fronts in the coming years. With one-sixth of the world’s population—nearly 1.3 billion people—and a $2 trillion economy, India is an emerging giant in Asia. Under Mr Modi, will India at last begin to fulfil its potential? The 2015 India Summit will examine indications of change under Mr Modi and and assess India’s prospects for the coming years. Editors from The Economist will assess and explain developments across India’s politics, economy and society, offering global and forward-looking perspectives to a senior-level audience of business and government leaders, academics and observers, all keen to discuss, debate and learn. Conference Chair Adam Roberts, South Asia bureau chief, The Economist Moderators Charles Goddard, editorial director, Asia-Pacific, The Economist Intelligence Unit © 2015 The Economist Group This is a confidential draft programme for the conference mentioned in this document. All topics and speakers are indicative and subject to change. Simon Long, Banyan columnist, The Economist John O’Sullivan, South Asia business and finance correspondent, The Economist 8.45 am Chairman’s opening remarks The conference chairman will set the scene for the day’s discussions. Adam Roberts, South Asia bureau chief, The Economist 9.15 am Opening keynote: In conversation with India's leadership In May 2014, the Bharatiya Janata Party (BJP), led by Mr Modi, won a landslide electoral victory and a clear majority in parliament. That political success, greater than any of the past 30 years, came after Mr Modi pledged to deliver “good times”—rapid economic recovery modelled on the achievements of his efficient, pro-growth and pro-business administration as chief minister of his home state of Gujarat. In March 2015, finance minister Arun Jaitley presented the first full budget of a government elected with a mandate to slash red tape and boost growth. How will Mr Jaitley deliver on this mandate over the next year? This keynote will explore what has changed after Modi’s first year in office, and the changes ahead that India so urgently needs. Speaker Arun Jaitley, Minister of Finance, Government of India (under invitation) Moderator Adam Roberts, South Asia bureau chief, The Economist 9.45 am What business still needs: Foreign companies speak Foreign companies power growth in India by supplying vital capital, boosting competition and importing best practices from around the world. But doing business in India is not for the faint-hearted. It requires working around corruption, cumbersome bureaucracy and complicated restrictions on investment. When Mr Modi came to power one year ago, foreign firms were among those most encouraged by his pro-growth, pro-business reputation. His administration has ambitiously pledged to raise India’s ease of doing business ranking from 142nd to the top 50 in just a couple of years. Hope remains that this is possible. But to keep sentiment high, there is a growing urgency for Mr Modi to deliver on his promises to improve the climate for foreign business. This session gathers leaders of foreign businesses in India to discuss what the new government can do to continue nurturing foreign investors and business sentiment. How can the Modi administration deliver on its bold promises—from increasing ease of doing business to making it easier for firms to raise capital—to improve the climate for foreign investment? Among Mr Modi’s pledges to foreign investors in India, what needs to be addressed most urgently? © 2015 The Economist Group This is a confidential draft programme for the conference mentioned in this document. All topics and speakers are indicative and subject to change. What opportunities do the speakers see for foreign businesses over the next five years? Panellists Juvencio Maeztu, chief executive officer, India, IKEA Sunil Kaushal, regional chief executive, India and South Asia, Standard Chartered Bank Moderator John O’Sullivan, South Asia business and finance correspondent, The Economist 10.35 am Networking refreshment break 11.05 am What business still needs: Indian companies speak India Inc. was hopeful when Modi came to power. For years, the country fared poorly on the World Bank’s ease of doing business rankings, but the Modi administration has pledged to fix that quickly. As Mr Modi’s political capital continues to grow, many are optimistic that this will be possible: he retains a significant ability to guide reforms, given the abject condition of the opposition Congress party and weaker regional rivals. But others’ patience is wearing thin. To keep sentiment high, Mr Modi must deliver promised improvement to the climate for India’s weighty domestic firms and its increasingly influential entrepreneurs. This session will gather Indian business leaders to discuss how the new government can keep nurturing the confidence of home-grown businesses. How can the Modi administration deliver on its bold promises to improve the climate for India’s domestic firms? As Modi forges greater ties abroad, how can the government make it easier for India to invest in itself rather than relying on foreign input? What opportunities do the speakers see for domestic firms over the next five years? Opening interview Rahul Bajaj, chairman, Bajaj Auto and head, Bajaj Group Panellists Kiran Mazumdar-Shaw, chairman and managing director, Biocon Ravi Kailas, chairman and chief executive officer, Mytrah Energy Prashant Ruia, director, Essar Group Hemant Kanoria, chairman and managing director, Srei Infrastructure and Finance Moderator Charles Goddard, editorial director, Asia-Pacific, The Economist Intelligence Unit 12.15 am Fireside chat: Building corporate leaders for tomorrow Speaker Kumar Mangalam Birla, chairman, Aditya Birla Group Moderator Charles Goddard, editorial director, Asia-Pacific, The Economist Intelligence Unit © 2015 The Economist Group This is a confidential draft programme for the conference mentioned in this document. All topics and speakers are indicative and subject to change. 12.35 pm Networking luncheon 1.50 pm India and the world Under the Modi administration, India has seen perhaps its most striking change in international perception. Mr Modi and his government have made an effort to tap the large, wealthy and increasingly influential Indian diaspora to promote closer diplomatic ties and more investment in India. At the same time, at home they have fostered a new openness towards investors and tourists. The Indian diaspora in America has a particularly important role to play: of over 3m Indian-Americans, many are rich, educated and influential in government, politics and business. Mr Modi has also thrown himself into international affairs with unexpected vigour. Focused on raising capital, bringing in technology and increasing India’s influence abroad, his visits to Japan, Australia, China, Europe and much of his immediate neighbourhood reflect an unusual degree of activism. India is also growing closer to America, some say to strengthen