Global India Business Meeting23-24 June 2013, Belfast, United Kingdom

a Horasis-leadership event

Co-hosts:Belfast City CouncilInvest Northern Ireland

Report

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Horasis is a global visions community committed to enact visions for a sustainable future(http:/www.horasis.org)

Upcoming Horasis events:

Global China Business Meeting The Hague, The Netherlands, 10-11 November 2013

Horasis Annual Meeting Zurich, Switzerland, 21-22 January 2014

Global Russia Business Meeting Valencia, Spain, 6-7 April 2014

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Global India Business Meeting23-24 June 2013, Belfast, United Kingdoma Horasis leadership event

Co-hosts:Belfast City Council

Invest Northern Ireland

Co-chairs:Rahul Bajaj Chairman, Bajaj Auto, India

Timothy Beardson Chairman, Albert Place Holdings, Hong Kong SAR

Sidharth Kumar Birla Chairman, Xpro India, India

Ashish Chauhan Chief Executive Officer, Bombay Stock Exchange, India

John Cook Chairman, Rock Lake Associates, Switzerland

Ian Coulter Chairman, CBI Northern Ireland, United Kingdom

Rajive Kaul Chairman, Nicco Group, India

Naina Kidwai President, FICCI, India

Sunil Kant Munjal Jt Managing Director, Hero MotoCorp, India

Lord Diljit Singh Rana President, Andras House, United Kingdom

Niraj Sharan Chairman and Chief Executive Officer, Aura, USA

S. D. Shibulal Chief Executive Officer, Infosys, India

D. Shivakumar President, AIMA; Senior Vice President, Nokia, Finland

Strategic Partner:

Ernst & Young

Knowledge Partners:

Gitanjali Group

India Tourism

MetricStream

Standard Chartered

Media Coordination:

Pulse Nation Media

Co-organizers:

Federation of Indian Chambers of Commerce andIndustry (FICCI)

All India Management Association (AIMA)

Europe India Chamber of Commerce (EICC)

European Business and Technology Centre (EBTC)

Young Presidents’ Organization (YPO)

In front of the Titanic Belfast – venue of the closing dinner

Belfast City Hall – venue of the opening ceremonies

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Table of Contents

Foreword 6

Indian Business Leaders in Belfast 28

India Invites Investment from Northern Ireland 30

Lack of Reforms Pulling Down the India Growth Story 32

The 2013 Global India Business Meeting is going to start

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Foreword

On 23-24 June 2013, the fifth HorasisGlobal India Business Meeting took placein Belfast, Northern Ireland. The eventgathered a collective audience of 300 Indianand global entrepreneurs, business leadersand government officials. With this GlobalIndia Business Meeting, Horasis aimed topresent an interdisciplinary and systemicview of the major economic, societal andtechnological drivers currently at work inIndia and the world. The Global IndiaBusi ness Meeting – Horasis’ flagship eventon India – brings together business andgovern ment leaders – from India andbeyond – for relevant discourse on thecurrent state of the economy, and to evolvea roadmap for leveraging entrepreneurshipfor growth and development. This report– which builds on the outcome of themeeting – shall serve as a memento and asa catalyst that stimulates further thinkingon the issues and questions that were raisedat the Global India Business Meeting.

The Global India Business Meeting wasorganised by Horasis in partnership withthe City of Belfast and Invest NorthernIreland. The meeting focused on the chan -ging paradigm of the Indian economy anddiscussed a set of possible trajectories. In a

vulnerable global economic environment,India remains one of the world’s growthengines. Its outward engagement in termsof trade and investment with the rest of theworld continues, and it is viewed as a landof opportunities. Still, sustained structuralreforms aimed at enhancing competitive nesswill be necessary for India to stabilize itseconomic growth and ensure the risingprosperity of its population going into thefuture.

The star contingent of participants hasbecome the trademark of the Global IndiaBusiness Meeting. Three Indian Union Mi -nisters participated: Farooq Abdullah,Union Minister of New and RenewableEnergy; Paban Singh Ghatowar, UnionMinister of Development of North EasternRegion; and Anand Sharma, UnionMinister of Commerce and Industry. The following co-chairs represented themee ting vis-a-vis the government, regio -nal authorities and the general public:Rahul Bajaj, Chairman, Bajaj Auto,India; Timothy Beardson, Chairman,Albert Place Holdings, Hong Kong SAR;Sidharth Kumar Birla, Chairman, XproIndia, India; Ashish Chauhan, Chief Exe -cutive Officer, Bombay Stock Exchange,India; John Cook, Chairman, Rock LakeAssociates, Switzerland; Ian Coulter,

Farooq Abdullah, Union Minister of New and Renewable Energy,India

Arrival of Anand Sharma, Union Minister of Commerce and Industry, India

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Chairman, CBI Northern Irleland, UnitedKingdom; Niraj Sharan, Chairman andChief Executive Officer, Aura, USA;Rajive Kaul, Chairman, Nicco Group,India; Naina Kidwai, President, FICCI,India; Sunil Kant Munjal, Jt ManagingDirector, Hero MotoCorp, India; LordDiljit Singh Rana, President, AndrasHouse, United Kingdom; S. D. Shibulal,Chief Executive Officer, Infosys, India; D. Shivakumar, President, AIMA; SeniorVice President, Nokia, Finland.

Participants identified four mainpriorities for the Indian economy:

• Despite the woes of the world economy,India’s economy is strong and stable.Incentives to public-private partner shipsin key infrastructure sectors are key, toact as stimulus to private investment andfaster growth.

• The quality of India’s entrepreneurs is legendary. Strong entrepreneurialinitia tives are going to bolster growthprospects of the domestic economy.

• India needs to better its investmentclimate. With the coming EU-IndiaFree Trade Agreement, India is going towelcome more Foreign Direct Invest -ment as well as trade.

• As a cornerstone of India’s society, theeducation and training of future gene -ra tions is of foremost importance as afactor in collective development. A keypriority remains the empowerment ofwomen.

In his welcoming speech, Anand Sharma,Union Minister of Commerce and In -dustry, India, announced that the Indian

‘We want to create 100 million skilledjobs. This is critical to meet the socio-economic needs of India’s youth’Anand Sharma, Union Minister of Commerce andIndustry, India

Anand Sharma, Union Minister of Commerce and Industry, India,addressing participants

Opening Plenary – India and World Economic Outlook

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government will push for more economicreforms in the months ahead, includingthe easing of limits on foreign directinvestment in various sectors. ‘There aremany initiatives and bills in our pipeline,’he said. On economic growth prospects,the Minister shared his estimation ofmore than 6% percent growth in GDP.‘We want to create 100 million skilledjobs,’ he said, adding that this was criticalto meet the socio-economic needs of India’syouth. Sharma further explained that inthe last years, the Indian government hasactively pursued a policy of trade liberali -sa tion and engaged with all dynamic partsof the world. ‘We must demonstrate hownational leaders today have to meet global

responsibilities, while addressing domesticpriorities,’ he said.

Addressing participants, Arlene Foster,Minister of Enterprise Trade and Invest -ment, Northern Ireland, said that ‘Indiaholds great promise for economic engage -ment with Northern Ireland.’ ‘Both Indiaand Northern Ireland being great eco -nomic partners that we are will find theways to further deepen and diversify oureconomic engagement,’ she continued.Máirtín Ó Muilleoir, Lord Mayor ofBelfast, greeted participants to both startand continue dialogues to further build onexisting links between Belfast and India.‘Belfast has become a gateway throughwhich visitors go on to experience thefantastic hospitality that we have to offer,’he said.

Speaking on behalf of the host country,Peter Robinson, First Minister of Nor -

‘Belfast epitomizes the close partner shipbetween India and Northern Irelandthat can be traced back for centuriesand has been underpinned by deepfinancial ties over the last decades’Peter Robinson, First Minister of Northern Ireland

Karan Thapar with Ian Coulter, Ashish Chauhan, Rajive Kaul and S. D. Shibulal

Arlene Foster, Minister of Enterprise Trade and Investment,Northern Ireland

Peter Robinson, First Minister of Northern Ireland

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thern Ireland, welcomed participants:‘Belfast epitomizes the close partnershipbetween India and Northern Ireland that canbe traced back for centuries and has beenunderpinned by deep financial ties over thelast decades.’ Martin McGuinness,deputy First Minister of Northern Ire land,added ‘Our partnership with India will playan important role in our economic growthpattern. This Global India Business Meetingis the largest Indian business dele gationever hosted here in Northern Ireland.’

The 2013 Global India Business Meetingfocused on the on-going negotiationsbetween India European Union and theEU to conclude the EU India Free TradeAgreement. Several rounds of meetingshave already been held between India andthe EU since the negotiations for the FreeTrade Agreement were launched in June2007 but both the sides are still engagedin bridging the gaps on several issues. The

EU is aiming for duty cuts in automotive,spirits and dairy products, besides hike inFDI cap in the insurance sector and a strongintellectual property regime. India wantsliberalised visa norms for professionalsseeking assignments in the EU, data securestatus and market access in services andpharmaceuticals sector. At stake is anagreement that would create one of theworld’s largest free-trade zones by popu -lation – covering 1.8 billion, or more thana quarter, of the world’s people. AnandSharma, Union Minister of Commerceand Industry told participants that thenegotiations are progressing well. ‘Sill, anumber of sticking points have yet to beovercome,’ he said. Gregory Barker,

‘The on-going negotiations are veryconstructive. I am very pleased tocontinue this important dialogue with Minister Sharma’Gregory Barker, Minister of State for Energy and Climate Change, United Kingdom

Gregory Barker, Minister of State for Energy and Climate Change,United Kingdom – we want to engage India productively in theyears to come

Máirtín Ó Muilleoir, Lord Mayor of Belfast, with Lord Karan Bilimoria and Sanjiv Goenka Lord Diljit Singh Rana, President, Andras House

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Minister of State for Energy and ClimateChange, United Kingdom, stressed the needfor both sides to reach a deal, particularlygiven the current economic stress. ‘Theon-going negotiations are very construc -tive,’ Barker said. ‘I am very pleased tocontinue this important dialogue withMinister Sharma. We want to engage Indiaproductively in the years to come,’ hecontinued. Naina Kidwai, President,FICCI, India, added that ‘an ambitious tradeagreement between the EU and India willbe the best message that the global eco -nomy can have in the challenging times.’

On the opening plenary, Sidharth KumarBirla, Chairman, Xpro, India, provided aperspective on India’s economic outlook.‘India’s economy expanded at its slowestpace in a decade last fiscal year. Still,economic growth – within a fragile globaleconomic environment – will remain wellabove 6% and is expected to come back to7-8% within the next 3-5 years,’ he said.

‘India must restructure at home so thecountry can compete in the world. Weneed more and better reforms to boostthe economy, which has been hobbled byinflation as well as by fiscal and currentaccount deficits,’ Rahul Bajaj, Chairman,Bajaj Auto, India, conveyed. According to

‘An ambitious trade agreementbetween the EU and India will be thebest message that the global economycan have in the challenging times’Naina Kidwai, President, FICCI, India

‘We need more and better reforms toboost the economy, which has beenhobbled by inflation as well as byfiscal and current account deficits’ Rahul Bajaj, Chairman, Bajaj Auto, India

Deputy Lord Mayor of Belfast Christopher Stalford with Minister Gregory Barker and Minister Farooq Abdullah

Sidharth Kumar Birla, Chairman, Xpro India and John Cook,Chairman, Rock Lake Associates, Switzerland

Rahul Bajaj, Chairman, Bajaj Auto, India – India mustrestructure at home so the country can compete in the world.

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John Cook, Chairman, Rock Lake Asso -cia tes, Switzerland, ‘the decline in infla tion,more particularly non-food manu factu ringinflation, will create more space for India’smonetary policy to support growth. Thecurrent account deficit, however, remainsa source of concern, despite the fact thatthe financing of the deficit has not been aproblem so far. ‘India is greatly benefitingfrom globalization and outsourcing,’ saidNiraj Sharan, Chairman and Chief Exe -cutive Officer, Aura, USA. ‘The transferof wealth from developed countries todeveloping countries like India resulted ina scenario where those at the bottom ofthe ladder benefit from the wealth flowinginto their economies. India is now a matureeconomy, we are experiencing the trickle-down effect,’ he concluded.

The Indian government announced a freshround of major reforms in foreign directinvestment in the retail, aviation and insu -

rance sectors. ‘The reform package hassignalled a renewed intent by the admini -stra tion to escape the policy deadlock inwhich it was languishing,’ explainedAshish Chauhan, Chief ExecutiveOfficer, Bombay Stock Exchange, India.

‘The reform package has signalled arenewed intent by the administrationto escape the policy deadlock in whichit was languishing’ Ashish Chauhan, Chief Executive Officer, Bombay Stock Exchange, India

‘With India’s economy at crossroads,what are the prospects for political andeconomic reforms? How do businessleaders advance their corporate agendain an environment of policy change?’Karan Thapar, President, infotainement Television, India

Niraj Sharan, Chairman and Chief Executive Officer, Aura, USA

Martin McGuinness, deputy First Minister of Northern IrelandMinister Sharma welcomed by Minister Foster and Lord Mayor Muilleoir

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‘With India’s economy at crossroads, whatare the prospects for political and eco no micreforms? How do business leaders advancetheir corporate agenda in an environmentof policy change?’ asked Karan Thapar,President, infotainement Television, India.The panellists called for a redoubling ofreform efforts to promote growth andcreate jobs. ‘Structural reforms to bolsterresilience to shocks are necessary to in crea -se India’s competitiveness,’ commentedS. D. Shibulal, Chief Executive Officer,Infosys, India. According to Rajive Kaul,Chairman, Nicco Group, India, ‘uncer taintyaround the administration’s policy reformsremains. This uncertainty damages inves -tors’ confidence.’ Ian Coulter, Chairman,

CBI Northern Irleland, United Kingdom,concluded by stating that ‘both Europe andIndia have to advance their own proprie -tary reform agenda. Structural reforms canonly work in conjunction with growth.’

Weak governance and poor accountabilityhave prevented India from unlocking itsfull economic and social potential. ‘The administration needs to respond tothe needs and aspirations of its citizens,’sensed Lord Alderdice, Member, Houseof Lords, United Kingdom. ‘Still, goodgovernance has to come from the people,’juxtaposed Sudhir Sharma, Chairman,Mitkat Services, India. India’s performanceon transparency and corruption indicesleaves room for improvement, with Indiaranking 95th on the Corruption PerceptionIndex. ‘Establishing a sense of accounta bi -lity in government and the developmentof capacities for enforcement must beaddressed,’ added Arun Nanda, Member

‘Both Europe and India have toadvance their own proprietary reformagenda. Structural reforms can onlywork in conjunction with growth’Ian Coulter, Chairman, CBI Northern Irleland,United Kingdom

Forging a New Growth Partnership - with Minister Barker, Minister Sharmaand session host Naina Kidwai, President, FICCI

Rajive Kaul, Chairman, Nicco Group, India

Arun Nanda, Member of the Board of Directors, Mahindra & Mahindra, chairing a session

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Tarun Gupta, Co-Founder and Chief Executive Officer, T&A Consulting

of the Board of Directors, Mahindra &Mahindra, India. ‘I am optimistic,’ saidSanjay Rai, Managing Director, KandlaEnergy & Chemicals, India. ‘The spread oftechnology has the potential to create arevolution. Technology takes informationand awareness to the remotest corners ofIndia, to empower a growing populationthat demands change,’ he added.

Throughout the Global India BusinessMeeting, in more than 20 sessions andnumerous private meetings, participantsdiscussed what policies and strategies cansupport the global aspirations of Indianfirms. Sessions at the Global India Busi nessMeeting examined how business leaderscan best stimulate the Indian economy andidentify growth opportunities in sectorssuch as IT, infrastructure, energy andcommodities, real estate and healthcare.Panellists also explored a wide range oftopics, covering trade and investment,entre preneurship, branding and techno -logy.

Western companies are looking to expandtheir business to India. What are the oppor -tunities and challenges of Foreign DirectInvestment (FDI) in India and what stra te -gies can lead to success? Some partici pantsopined that India is not an easy place to dobusiness. According to Gaurav Dalmia,Chairman, Landmark Holdings, India,’India’s ranks low on indices on invest mentclimate and ease of doing business. Thecurrent foreign direct investment (FDI)reforms notwithstanding, India received38 per cent less of such inflows in 2012-13compared to the previous year.’‘Overregulation is a big problem,’ saidAmer Vohora, Vice President, RothschildBank, Switzerland. The numerous per mis -

‘Structural reforms to bolsterresilience to shocks are necessary toincrease India’s competitiveness’ S. D. Shibulal, Chief Executive Officer, Infosys, India

S. D. Shibulal, CEO, Infosys, with the Lord Mayor and Minister Arlene Foster

Dan Oiknine, Chairman, India Trade Centre, France and Sven C. Oehme, President, European-American Business Organization, USA

Sanjiv Ahuja, Chairman, Ahuja Investments, USA

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Tom Adams, Global Head of Strategy, FutureBrand, United Kingdom

sions required to get projects done in Indiaadd to the time and cost of doing business.They also impact investor confidence.‘Going forward, India must focus greaterattention on creating an environment thatattracts capital and leaves foreign investorsto play their role,’ proposed Gary Collar,Senior Vice President, AGCO Corporation,USA. ‘This means providing a regulatoryframework that is seen as efficient and fair,’added Sudhir Jalan, Chairman, JalanGroup, India. ‘I see strong foreign liquidityflows into India within the next 5 years,’voiced Yatindra R Sharma, ManagingDirec tor, KHS, India. ‘Investors’ sentimentis changing to the better. Many of ourclients wish the Indian government to

relax policies defining foreign FDI andtake measures to encourage investmentsin manufacturing,’ concluded JochumHaakma, Director, TMF Group, TheNetherlands.

The Indian government is planning theliberalisation of the retail sector facilitatingthe entry of retail chains like Walmart,Carrefour and Tesco. Foreign firms shallbe allowed to invest in multi-brand retailstores. ‘It is very important to createdemand-driven, bottom-up markets. Thisimplies creating competition at every levelof the value chain, ensuring a favourablebusiness environment and minimizinggovernment interference,’ said LordKaran Bilimoria, Chairman, CobraBeer Partnership, United Kingdom. ‘Italso requires favourable tax treatment,and a transparent business environment,’added Dan Oiknine, Chairman, Chamberof Commerce and Industry France – India,France. Still, there is some concern inIndia that the opening of the retail sectorcould threaten the livelihoods of smallretailers and street vendors. ‘Farmerscould be at the mercy of large companiesas they will have the power to set prices,’said R K Mehrotra, Executive Chairman,Foresight Limited, United Kingdom.

Poul V. Jensen, Director, European Business and Technology Centre(EBTC), hosting a panel

Participants listening to the discussion during the opening plenary

Yatindra R Sharma, Managing Director, KHS India and Rajiv Vastupal, Chairman, Rajiv Petrochemicals

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R K Mehrotra, Executive Chairman, Foresight Limited, United Kingdom

Lord Karan Bilimoria, Chairman,Cobra Beer Partnership, United Kingdom

‘We have to ensure that the newly set upsupply chains create trickle-down effectsfor consumers and Indian society at large,’reasoned Sanjiv Ahuja, Chairman, AhujaInvestments, USA.

A common view is that more free and fairtrade will bring local benefits as India’sworkforce builds on its comparative advan -tages and increase the return on its labour.‘But recent developments in world tradesuch as volatile capital flows in emergingmarkets could derail India’s recovery andhave a lasting impact on the country’seconomy,’ warned Jyotsna Suri, Chair -person, Bharat Hotels, India. ‘Imported carswill likely be more affordable beginningin 2017 due to trade agreements with theEuropean Union,’ judged Avi Basu, ChiefExecutive Officer and Founder, ConnectivaSystems, USA, ‘as customs duties for Eu ro -pean cars will be dropping to 30 percent.’

Innovation was a leitmotif at the 2013Global India Business Meeting. Indianbusiness leaders are overhauling approa -ches toward innovation to take part in thepromise of a networked global economy.Leadership is all about overcoming the fearof entering virgin territory. ‘If you are inan environment where you don’t innovate,

you will be left behind very quickly,’ saidRajeev Mantri, Executive Director,Navam Capital, India. ‘What we need inIndia are small but plenty innovations,which anybody can create. That’s the wayto move our economy forward,’ explainedVinod Juneja, Managing Director, BrajBinani Group of Industries, India. Entre -preneurs are uniquely positioned to fostergrowth in India as the global eco nomyrecovers. ‘But India needs to create aneven more dynamic ecosystem to unlockthe entrepreneurship potential,’ reasonedGuy Spier, Chief Executive Officer,Aquamarine Capital, Switzerland.‘Business, science and society must push theinnovation frontier to meet the needs of

Panel discussion on 'Redefining Governance, Introducing Accountability'

Jochum Haakma, Director, TMF Group, The Netherlands

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Vinod Juneja, Managing Director,Braj Binani Group of Industries,India

Gary Collar, Senior Vice President,AGCO Corporation, USA

an additional 100 million people enteringthe Indian labour market year by year,’added Sushil Premchand, ManagingDirector, PRS Services, Switzerland.‘Science parks similar to what we builthere in Europe during the last few yearswill boost innovation and technologicaldevelopment in India,’ stated NormanApsley, Chief Executive Officer, NorthernIreland Science Park, United Kingdom.

India’s IT, pharma and other new techno -logy firms are emerging as global playersin their own right. ‘I believe India’s futureeconomic growth will depend on itsability to operate on the frontiers of

science and technology,’ Mukesh Aghi,Chief Executive, L&T Infotech, USA, said.‘I see many high-tech players stepping outto compete on a global level-playing field,’underlined Poul V. Jensen, Director,European Business and Technology Centre(EBTC), Belgium. According to StacyKenworthy, Founder and Chairman,OptiGlobal, USA, ‘ it is very promising tosee that firms such as Wipro, TCS, andInfosys plan to set aside funds for investingin start-ups outside the company.’ We re -cognize that there is an emerging globalstart-up ecosystem. We want to be thereto understand what is going on,’ saidVineet Gupta, Founder and Chairman,Adhaere Pharmaceuticals, USA. ‘For Indiantechnology firms, organizational develop -ment and strategic intent is now largelydriven by the needs of their global clientsthat are demanding sophisticated productsin their specific sectors,’ analysed GerardParr, Professor, University of Ulster,United Kingdom. ‘Sizable opportunitiesexist for British firms that can providetechnology solutions to support India’sgrowth and support development in thepoorest areas, where the right technologysolution can make a huge difference,’ saidMark Runacres, India Adviser, Con fe de - ration of British Industry, United King -

Samiran Chakraborty, Chief Economist, Standard Chartered Bank –India’s finance sector is witnessing a fundamental transformation

Mukesh Aghi, Chief Executive, L&T Infotech, USA

Panel on ‘From austerity to inclusive growth’, led by Lord Alderdice

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Pratap Nambiar, Executive Chairman, Thought Perfect, Singapore

Jiten Doshi, Founder, Enam Asset Management Co.,India

dom. ‘India’s future growth will dependincreasingly on the knowledge economy,’Jiten Doshi, Founder, Enam Asset Mana -ge ment Co., India, concluded.

Entrepreneurs are uniquely positioned tofoster growth in India as the global eco -no my recovers. ‘How to create dynamicecosystems to unlock the entrepreneur shippotential?’ asked Didar Singh, SecretaryGeneral, FICCI, India. ‘It is fascinating tosee the number of people who are keen totake the plunge into entrepreneurship,’observed Pratap Nambiar, ExecutiveChairman, Thought Perfect, Singapore.‘Indian business leaders have to continuetheir quest for entrepreneurial excellenceand make entrepreneurship part of theirDNA,’ pinpointed Monish Ghatalia,Managing Director, Focus Circle Brands,India. According to Sven C. Oehme,President, European-American BusinessOrganization, USA, ‘Indian entrepreneursare usually very nimble and flexible,particularly comparing them with theirEuropean and American counterparts.’Also – as Nimish Kenia, Founder, HappyPlanet Amusement, India – conveyed,‘Indian entrepreneurs usually focus lesson what the government could do for them– they see how they can help themselves.

That’s entrepreneurship at is best.’ NRI-(non-resident Indian) entrepreneurs havelong made places like the US or the UKmore prosperous and innovative,’ con clu dedKamil Hasan, General Partner, GraniteHill India Opportunities Fund, USA. ‘Youfind clever Indians on the helm or on boardof many successful start-up company in theSilicon Valley, for example.

Indian and Irish people migrated all overthe world carrying culture and entrepre -neurial spirit with them. ‘How can Indiaand Northern Ireland tap into the potentialof their diaspora?’ asked Simon Bell, ChiefExecutive Officer, Armillary Ventures,

Sunil Kant Munjal, Jt Managing Director, Hero MotoCorp and Jyotsna Suri, Chairperson, Bharat Hotels

Deirdre Hargey, Chair of Development Committee, Belfast City Council

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Sushil Premchand, Managing Director, PRSServices, Switzerland

Vineet Gupta, Founder and Chairman, Adhaere Pharmaceuticals, USA

Sudhir Jalan, Chairman, Jalan Group, India

Rajeev Mantri, Executive Director,Navam Capital, India

United Kingdom. People living in thediaspora are usually coming up with newideas and entrepreneurial initiatives –forsheer survival in a foreign setting. That’strue for the Irish and the Indians livingoverseas,’ observed Grainne McVeigh,Chief Executive Officer, Northern IrishConnections, United Kingdom. ‘We needspecial government initiatives for thediaspora to invest back home,’ proposedSiddhant Vats, Co-founder, AndroidlySystems, India.

India’s economic competitiveness relieson a well-developed and sophisticatedfinan cial market that can channel financial

resour ces to a good use. According toSamiran Chakraborty,Chief Econo -mist, Standard Chartered Bank, India,’the country’s finance sector is witnessinga fundamental transformation since thecountry announced further reforms.’‘Under the EU India Free Trade Agree mentthere are plans to liberalise investmentprovisions, financial services and banking,whereby European banks and financecompanies can enter the Indian market,’explained Maulik Jasubhai, GroupChief Executive, Jasubhai Group, India.‘Domestic institutions need to repositionthemselves to thrive in this strategicenvironment,’ said Manish Kejriwal,Founding Partner, Kedaara Capital Ad -visors, India. According to John Healy,Director Citi Service Centre Belfast, Citi,United Kingdom, ‘Emerging markets likeIndia that have developed their own finan -cial system are likely to perform betterthan those that depend heavily on externalfinancing.’ ‘It’s prime time for India to de ve -lop and improve domestic capital markets,’concluded Geoffrey Van Orden, Member,European Parliament, United Kingdom.

India is looking at spending around USD 1trillion over five years in areas such asroads, airports and seaports. Still, India’s

Question during a boardroom panelKai Vettel, Managing Director, Pack Performance, Germany

Wolfgang Lehmacher, Managing Director, CVA, Hong Kong

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Guna Mahalingam, ManagingPartner, NMG InternationalFinancial Services, Switzerland

Geoffrey Van Orden, Member,European Parliament

infrastructure continues to be a constrai -ning factor. ‘India’s entrepreneurs expectfrom the government initiatives to speedup the development of infrastructure,’Nasser Munjee, Chairman, DCB Bank,India, announced. ‘We entrepreneurs areready to contribute private investment ininfrastructure through public-private-Partnerships,’ added Shoummo Acharya,Chief Executive Officer, eTrans Solutions,India.The improvement in welfare of householdsis also contingent on the kind of infra -struc ture that is put in place on thecountryside,’ said Roland Johansson,Head of Economic Section of the IndiaDivision, European External Action Service,Belgium. According to session chairmanAlan Rosling, Chairman, Kiran Energy,India, ‘consistent levels of investment ininfrastructure are necessary.’ ‘India andother emerging markets that have beenhailed as the new poles of global growthmust do their homework. Investing ininfrastructure is essential to drive growthin both exports and domestic consumption,’stressed Wolfgang Lehmacher, Mana -ging Director, CVA, Hong Kong SAR.‘While the case for infrastructure develop -ment in India remains unchanged, foreigninfrastructure investment in India has

faced more political, market and macro -economic challenges than some investorsexpected when they started to commit toIndia,’ observed Pierre-Marie Relecom,Managing Partner, Relecom Partners,France.

Ambitious Indian firms want to becomebranded players in developed markets.Many are increasingly looking to investabroad to accomplish its motives of huntingfor technology, resources or market. ‘Andsome firms are opting to take their moneyabroad in response to domestic inertia,’said K.K. Modi, Chairman, Modi Enter -prises, India. Rajiv Vastupal, Chairman &

Roland Johansson, Head of Economic Section of the India Division,European External Action Service

Shoummo Acharya, Chief Executive Officer, eTrans Solutions,making a point

Alan Rosling, Chairman, Kiran Energy and Nasser Munjee, Chairman, DCB Bank, sharing a light moment

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Managing Director, Rajiv Petrochemicals,India, stated that ‘Indian firms have achie -ved only the first transformational stepnecessary to embrace global integration.They need to re-orient from a traditionaldomestic strategy to a wider globalapproach.’ Aparup Sengupta, ChiefExecutive Officer, Ananto, India, agreed:It’s now prime time to leverage globalvalue chains.’ Sanjay Kukreja, ManagingDirector, ChrysCapital, India, cautionedIndian firms with overseas expansionambitions to maintain strong cash flowsand tap sustainable investment opportu ni -ties and high growth target markets, as keystrategy to meet performance challenges.

Highly skilled labour is making Europe anincreasingly attractive destination to Indianbusinesses for nearshoring manufacturing,R&D and services. ‘How can Europe serveas hub for Indian investments?’ askedAlastair Hamilton, President, InvestNI,United Kingdom. While India is doinggreat in IT-outsourcing, ‘our firms arelooking to extend offshoring to includenearshore strategies – and are building upreference sites in locations like NorthernIreland,’ explained Bala Subramanian,Vice President, ITC Infotech, UnitedKingdom. ‘Besides the usual benefits ofoutsourcing, geographical proximitydefinitively translates into easier accessand communication. Northern Ireland hasbeen a great nearshoring location for us,’said Andrew McQuade, Senior VicePresident, Polaris, United Kingdom.Nearshoring provides a viable strategicoption for firms hesitant to move theirentire work offshore or for those who areunwilling to bear the high cost of onsitework.

The share of service industries, includingthe creative sector, in global trade is risingsteeply. Participants discussed what oppor -tunities India offers for this booming partof its economy. ‘The country has a young

Raj Ajmera, Founder, ACE Insurance and Amit Sarin, CEO, Anant Raj GroupMouli Raman, Co-founder and Managing Director, OnMobile, India

Sameer Ladkat, Chairman, Panama Group and Ravi Pandit,Chairman, KPIT Cummins Info Systems

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and mobile population and people speakEnglish – an important factor to boost theservice industries,’ reasoned Ishan Raina,Founder and Chief Executive Officer, oohMedia, India. ‘India’s service sector is thelifeline for the social economic growth ofthe country. It is potentially the largestand fastest growing sector contributingmore to the domestic and global outputand employing more people than anyother sector,’ upheld Koumar Vijaya,Chief Executive Officer, Captiveway,France. ‘Opportunities for Indian serviceproviders are good as political backlashover outsourcing has been coming downas customer companies reap the benefit ofoutsourcing,’ maintained Mouli Raman,Co-founder and Managing Director,OnMobile, India.

India is the fourth-largest energy consumerin the world behind the US, China andRussia. Still, India has been lagging behindother nations in the use of renewableenergy. According to Ravi Pandit, Chair -man, KPIT Cummins Info Systems, India,‘the country is shifting gears towards cleantechnologies and greener pastures inorder to reignite economic and ecologicaldevelopment.’ ‘We need all-encompassingpartnerships to stimulate a new wave of

low-carbon growth,’ said Rakesh Bakshi,Chairman, RRB Energy, India. TonyGallagher, Pro Vice Chancellor, QueensUniversity, United Kingdom, added thatthe world is on the brink of the nextindustrial revolution based on renewablesand India is potentially on the forefront ofdeveloping alternatives to hydrocarbons,especially wind power and bio-fuel whichcould be an especially promising source ofenergy in India. ‘India was the first countryin the world to set up a ministry of non-conventional energy resources,’ addedSameer Ladkat, Chairman, PanamaGroup, India.

The meeting provided for a convivial atmosphere of constructive community building Koumar Vijaya, Chief Executive Officer, Captiveway, France

Ishan Raina, Founder, ooh Media and David Gavaghan, CEO, Titanic Quarter Ltd

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General Sudhir Sharma,Chairman, Mitkat Services

Bogdan Vacusta, Managing Director,Elco Construct, Turkmenistan

‘Education is a country’s most valuableasset,’ stated Marie Therese McGivern,Chief Executive Officer, Belfast Metro -politan College, United Kingdom. ‘Howcan we ensure that India’s youth is able tomaximize its contribution to a highlycompe titive knowledge economy?’ shecon tinued. According to I. Unnikrishnan,Deputy Chief Executive Officer,Manappuram Finance, India, ‘we needmore focused efforts to match the skillsthat are needed in fast evolving labourmarkets with the type of education onoffer in India.’ Anjali Raina, ExecutiveDirector, Harvard Business School IndiaResearch Centre, USA, called for a rethink

of India’s approach to education: ‘The focusneeds to shift from traditional curricula androte learning to an education system thatencourages creativity and problem solving.’

On India’s growing employment gap,Chayan H. Shah, Managing Director,Premier’s Tea, India, commented thatvibrant small, innovative regionalbusinesses will not only provide peoplewith jobs but also add to an economy inwhich the majority of people in work arestill employed by enterprises in big cities.Learning by doing is a great way to fastforward the process. ‘Role models ofsuccessful rurally based companies arealso vital in providing examples thatyoung entrepreneurs can follow,’ saidParag Amin, Founding Director,iCreate, USA.

Touching the sensitive issue of genderdiscrimination, participants emphasizedthat Indian culture needs to place a muchgreater value on women. ‘Emancipationmight have spread all over the world buttraditional roles of women are stilleminent within Indian society,’ remarkedRekha Sethi, Director General, All IndiaManagement Association, India. ‘We needto prioritize the education and employ -

D Shivakumar, Member of the Board, Nokia, Finland, making a point on inclusive growth

Rekha Sethi, Director General, All India Management Association

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Jason L. Ma, Founder and Chief Executive Officer,ThreeEQ, USA

Sunil Kant Munjal speaking about poverty alleviation

Parag Amin, Founding Director,iCreate, USA

V.L. Dutt, Chairman, The KCP Group

ment opportunities of women whorepresent half of India’s human capital.The country must invest in the educationof its women to use their potential forfurther growth,’ added Mohini DaljeetSingh, Chief Executive, Max India Foun -dation, India. According to Jason L. Ma,Founder and Chief Executive Officer,ThreeEQ, USA, ‘every woman has entre -preneur qualities and values. We have toempower women.’ The openness ofdiscussions during the Global IndiaBusiness Meeting on gender disparitymade clear that Indian business leadersare prepared to move from contemplationto action, as Mirjana Dimc-Perko,Chairman, inCon, Slovenia, observed.

Announcing the 2013 Indian BusinessLeaders of the Year, Horasis – togetherwith our strategic partner Ernst & Young –celebrated two outstanding entrepreneurswho have been building and leading suc -ces sful Indian firms: Subodh Bhargava,Chairman, Tata Communications andSanjiv Goenka, Chairman, RP-SanjivGoenka Group. We recognized and honourthose business leaders as they excel inentrepreneurship, innovation and leader -ship. ‘The chosen leaders have decisivelyimpacted the economic development and

global integration of India,’ said SachinDate, Partner, Ernst & Young, UnitedKingdom, who announced the awardwinners during a special plenary.

Economic growth has to go along with anequally high rate of poverty reduction.Still, the elasticity of poverty reductionwith respect to economic growth is lower

‘A new vision of growth shall befocused on achieving inclusiveprosperity’ Paban Singh Ghatowar, Union Minister ofDevelopment of North Eastern Region

Subodh Bhargava, Chairman, Tata Communications, India –winner of the Global India Business Leader of the Year-award

Paban Singh Ghatowar, Union Minister of Development of North Eastern Region, India – ensuring inclusive growth

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Sanjiv Goenka with Minister Sharma and Sachin Date, Partner, E&Y

in India than in other emerging markets.‘A new vision of growth shall be focusedon achieving inclusive prosperity,’ believedPaban Singh Ghatowar, Union Ministerof Development of North Eastern Region.‘There is a consensus that the grow-at-all-cost model is no longer viable in the post-crisis world, not in India nor elsewhere,’he continued. ‘In an age when governmentsare focusing increasingly on short-termchallenges how can business leaders focuson the longer term? Is the trajectory weare on ensuring inclusive growth?’ askedTimothy Beardson, Chairman, AlbertPlace Holdings, Hong Kong SAR.‘Business leaders need to collaborate withsociety to change the rules of the gameand to provide more transparent infor ma -

tion to investors. What shape to give toinclusive growth will be one of the mainquestions for business in the years to come,’said Sunil Kant Munjal, Jt ManagingDirector, Hero MotoCorp, India. D. Shivakumar, President, AIMA; SeniorVice President, Nokia, Finland, called onIndian business leaders to examine howthey might incorporate global values intotheir thinking to create a more enlightenedIndian business culture. ‘I believe this is animportant step for the continued healthydevelopment of Indian firms’, agreedH.R. Nagendra, Chancellor, S-VYASAYoga University, India. ‘To create asustain able business, entrepreneurs –from India or beyond - must think aboutmore than the pursuit of profits,’ GunjanSinha, Chairman, MetricStream, USA,concluded. His statement drew a round ofapplause.

Imtiaz Ali, Film Director and Writer,India, conveyed a ‘message fromBollywood’. ‘Of late the interest in Indian

‘Of late the interest in Indian culturein general and in Bollywood in parti -cular has become huge’Imtiaz Ali, Film Director and Writer, India

H.R. Nagendra, Chancellor, Chancellor, S-VYASA Yoga University Gunjan Sinha, Chairman, MetricStream, USA, hosting a session on risk management

Akinori Niimi, Chairman, ACA Inc., Japan

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Sarvesh Kumar, Deputy Managing Director, RRB Energy

culture in general and in Bollywood inparticular has become huge. India has insynch with its economic progress increasedits image greatly from a land of elephantsand tigers and snake-charmers to anexpression of truly global culture. Moviesfrom Bollywood are sweeping the world,’he said.

The 2013 Global India Business Meetingwas wrapped up during the gala dinner atthe Titanic Belfast, the iconic landmark ofnew Belfast. The building sits on the siteof the former shipyard where the ill-fatedRMS Titanic was built. An occasion torevel in newly-forged networks andfriendships, the dinner session offeredinteresting debates and reflections. Oneparticipant joked that the Titanic is anappropriate metaphor for the profoundcrisis afflicting Europe. ‘But India can helpEurope out of the crisis. India’s abundantscientific brainpower and its growingfinancial power can offer interestingpotential synergies with Europe’s industrialheritage,’ said Gregory Barker, Ministerof State for Energy and Climate Change,United Kingdom. He also called for closereconomic engagement between India andEurope, especially in the area of renewableenergy.

‘The strategic partnership with the UnitedKingdom is of great importance to Indiaand one in which both our governments arecontinuing to invest,’ Farooq Abdullah,Union Minister of New and RenewableEnergy, India, told participants during thedinner session. ‘We are closely collaboratingin our efforts to battle climate change.

‘We are closely collaborating in ourefforts to battle climate change. Andwe want to promote more widespreadsolar adoption to help displace fossilpower generation and, in turn, limitgreenhouse gas emissions that accele -rate climate change’Farooq Abdullah, Union Minister of New andRenewable Energy, India

Greetings from Bollywood – Imtiaz Ali, Film Director and WriterThe interactive nature of the boardroom sessions allowed CEOs to sharing challenges they think should be addressed

Timothy Beardson, Chairman, Albert Place Holdings, Hong Kong – one of the meeting co-chairs

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And we want to promote more widespreadsolar adoption to help displace fossil powergeneration and, in turn, limit greenhousegas emissions that accelerate climatechange,’ the Minister announced.

India is poised to become a source of globaleconomic growth. ‘Less obvious to Indians,perhaps, is the pervasive influence ofIndian philosophy on the West,’ statedLou Marinoff, Professor of Philosophy,The City College of New York, USA,during a night-cap session. ‘Indianphilosophy is the source of India’sresplendent spirituality, and a wellspringof her longevity as a civilization,’ he con -tinued. ‘Current day India – despite being

an engine of globalization – is differentfrom the West. The people of India havebeen nurturing their own philosophicalschools for centuries. India can offersomething to the world, India can becomea driver in the field of ethics,’ Marinoff said.

On behalf of Horasis, I would like topersonally thank Northern Ireland’s FirstMinister Peter Robinson and deputyFirst Minister Martin McGuinnesswho generously agreed to act as patrons ofthe 2013 Global India Business Meeting. I also thank Lord Diljit Singh Rana,President, Andras House, United King dom,for having had the foresight and commit -ment to bring this year’s edition of themeeting to Belfast. For their leadership andguidance, I am grateful to our co-chairs,co-organizers, partners and participants,as well as to all those committed to enactvisions for a sustainable future. ‘This GlobalIndia Business Meeting was a unique expe -rience which would not have been possiblewithout the dedication and enthusiasm ofall participants, from India and beyond,’summarized Rehan Allahwala, Founder,Rehan School, USA.

Participants arrive for the closing dinner

Lou Marinoff, Professor of Philosophy, The City College of New York,asking a question

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I personally believe in a promising futurefor India. And it is my hope that the GlobalIndia Business Meeting will continue toserve as an important platform for stimu -lating thought and creative solutions.Horasis looks forward to welcoming youback at next year’s edition of the GlobalIndia Business Meeting. I also take greatpleasure to invite you to take part in ourother upcoming meetings, namely theGlobal Russia Business Meeting, GlobalChina Business Meeting, Global ArabBusiness Meeting as well as the HorasisAnnual Meeting.

Dr. Frank-Jürgen RichterChairmanHorasis: The Global Visions Community

The Global India Business Meeting drew a collective audience of 300 delegates from 27 countries

Exchanging Business Cards

Christopher Stalford, Deputy Lord Mayor of Belfast, hosting the closing dinner

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U TV, June 24, 2013

Over 300 chief executives from majorIndian and European companies are inBelfast to explore the potential for tradeand investment. The three-day GlobalIndia Business Meeting has been organisedby Horasis, in conjunction with BelfastCity Council, and sponsored by InvestNorthern Ireland.

At a welcome reception in Belfast CityHall on Sunday night, Enterprise MinisterArlene Foster said that boosting tradewith India and other emerging economiesoffers local businesses a new raft ofopportunities.

A number of India’s senior ministers areattending the conference includingAnand Sharma, the Minister forCommerce and Industry and FarooqAddullah, Minister for New andRenewable Energy.

Ms Foster will meet with Mr Addullah onMonday afternoon to discuss the develop -ment of Belfast Harbour as a renewableshub for the offshore wind sector.

The world economy is shifting and thegrowth of new emerging markets meansthat in order to stay ahead of the compe -tition, local companies need to tap intothe opportunities that exist in countriessuch as India. ‘The more Northern Irelandbusinesses that trade, invest and innovatewith Indian partners, the more jobs andgrowth we will create. In order to developeconomic links I have visited the countryon a number of occasions, the first backin 2009 and most recently as part of atrade mission in April last year,’ the DUPminister said.

‘Already, there are many positive businessrelationships between India and NorthernIreland. Queen’s University and InfoSysin Bangalore are working in partnershipto combat cyber-security threats andaround 30 Northern Ireland companieshave established a base in India to enablethem to develop business further.’

She continued: ‘I hope that this conferencewill provide a platform to build relation -ships with key decision makers from Indiancompanies and that it will showcaseNorthern Ireland’s indigenous companiesand sectoral strengths.’

The business meet, which rotates itslocation annually, continues until Tuesday.

Indian Business Leaders in Belfast

Belfast Lord Mayor Máirtín Ó Muilleoir welcoming participants

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Reception at the City Hall

The meeting attracted worldwide media attention

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India Invites Investment fromNorthern IrelandIndia Blooms News Service, June 24, 2013

Belfast, June 24 (IBNS) Union Minister ofCommerce and Industry Anand Sharmahas invited investment from NorthernIreland.

While delivering the opening session of theGlobal India Business Meeting at Belfaston Sunday, Sharma said that he ‘remainsoptimistic that the emerging idea of Indiawill infuse similar confidence to othercountries to partner with India.’

‘I also invite investors and businesses toinvest in India and assure them of longterm benefits from engaging with India,’he said.

The Global India Business Meeting isorganized by Horasis along with NorthernIreland (NI) Government and Belfast CityCouncil.

Speaking during the opening session,Sharma outlined the current globaleconomic environment and said thatwhile last year has been difficult for theIndian economy, he hopes a rebound inthe Indian economic scenario this year.

He also outlined the initiatives taken bythe Government of India for furtherimproving the investment attractivenessof India including National ManufacturingPolicy for giving a boost to manufacturing,reforms in FDI and the ambitious skillsupgradation programme.

The Northern Irish leaders meeting Minister Sharma

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Highlighting the strong business tiesbetween India and North Ireland, Sharmasaid that over thirty North Irelandcompanies have commercial operations inIndia

‘Indian IT companies like Wipro, TechMahindra, L&T Infotech, HCL and Polarisare significant contributors to inwardinvestments and employment in N Ireland,’he added.

He also focused on the fact that NorthIreland is a leading supplier of diagnostickits to India.

‘A plant for local manufacturing is beingestablished in Bangalore, making lifescience and health care an ideal sector forforging joint ventures,’ said Sharma.

‘With North Ireland known for itsdevelop ment of telecom payment softwareand software for DTH set top boxes inIndia, collaborative arrangements in IP andcyber security are the areas of interestbetween the two nations,’ stressedSharma.

Arlene Foster, Minister for Enterprise,Trade and Investment of NI Government,and Lord Mayor of city of BelfastCouncillor Máirtín Ó Muilleoir werealso present during the opening session.

They addressed a gathering of about 300businesspersons from NI, UK and Indianbusiness delegates. Naina Lal Kidwai,led the FICCI delegation from India.

The First Minister and the deputy First Minister meeting representatives of the Indian delegation

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Minister Sharma with CEOs of Northern Irish firms

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The Hindu, June 26, 2013

Leading foreign and Indian entrepreneursgathered at the Global India BusinessMeeting in Belfast and here strongly feelthat the lack of reforms in various sectors,an unstable tax regime and backseat oninsurance and pension reforms werepulling down the India growth story andstrong measures on these issues need to betaken to restore the confidence of foreigninvestors.

It was felt that the controversy over theVodafone issue had scared away theinvestors who were unsure on how theywould be treated by the tax authorities ontheir investments especially pertaining totransfer of share pricing, mergers andacquisitions. The general feeling was thatthe India story was very much alive but thegovernment of the day needs to take somepro-active steps to bring back foreigninvestment.

Kamil Hasan, General Partner ofGranite Hill Capital Partners, based outof California and whose PE has supportedinvestments in India felt that policyparalysis and lack of reforms over the lastfew years coupled with global economicslowdown has been responsible for thepresent state of affairs in India. ‘Vodafoneissue created a very negative perceptionabout India. This along with the scams andcorruption and political inaction to addressissues head on had created instability. This needs to be addressed as India holdsimmense opportunities and lot of promise,’he remarked.

Hasan said one of the major problemsfaced by investors was lack of exit forthem in major infrastructure projectsespecially in the IPO market. Similarly,the valuations of Indian companies werealso over-valued which was another

Lack of Reforms Pulling Down the India Growth Story

Community building at the Global India Business Meeting

deterrent for making investments. ‘Wewould like to see India and US take steps tosign a double taxation avoidance treaty forattracting major US investments,’ he added.

Lord Karan Bilimoria said foreigninvestor should take a long terms view of India investments. ‘Certainly, theVodafone issue led to a negative perceptionand scare among investors but I supposethe issue is being addressed now. ‘TheVodafone issue sent wrong signals asoverruling the Supreme Court meant thatrule of the law did not prevail. India alsoneeds to come clear on conditions formaking investments in multi brand retail.British companies are upbeat but needcertain clarifications on some issues asthey are too complex. In addition to this,it is important to initiate immediatemeasures to usher in reforms in theinsurance and pension sectors and also

enhance foreign direct investment (FDI)in the defence sector,’ he added.

In fact, the concerns of the foreigninvestors were conveyed to visitingCommerce and Industry Minister,Anand Sharma during the businesssessions as well as during one to oneinteractions.

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Discussions continue during the closing reception Studying the programme

Kamil Hasan, General Partner, Granite Hill Capital Partners, USA

A group of participants on a tour bus exploring Belfast

Closing dinner at the Titanic Belfast

Bihu Dancers from Assam

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