The Second Edition of the Gateway of India Dialogue concludes in Mumbai
Co-hosted by Gateway House: Indian Council on Global Relations and the Ministry of External Affairs.
Hon’ble Ravi Shankar Prasad: “The way we are working to transform a society which still has poverty and illiteracy using technology is an example before the world.”
Dr. S. Jaishankar: “Don’t demonise Trump, analyse Trump.”
Yonov Frederick Agah, stated, “I take the position that nothing has changed in globalisation as a process. The narratives and responses by governments is what has changed.”
Mukund Rajan: “Globalisation has been critical for TATA group and IT has seen the most opportunity.”
Monica Bhatia: “Panama Papers brought the issue of tax to drawing rooms and boardrooms.”
Sharad Sharma: “India is the beacon on the global stage on net neutrality.”
Admiral Sunil Lanba: “The Indian Navy will have more demands placed on it, we are already a net security provider in the region.”
General VK Singh: “It is time for business and government to work together.”
Mumbai, 15 February 2017: On 13-14 February, Gateway House: Indian Council on Global Relations and the Indian Ministry of External Affairs concluded their co-hosted second edition of the Gateway of India Geoeconomics Dialogue. The two-day conference is India’s leading geoeconomics forum, gathering high-level representatives from Indian and international businesses, governments and academic institutions.
This year’s conference was held at Taj Mahal Palace in Mumbai, with the participation of 38 distinguished speakers and over 320 delegates, representing 22 countries. At the well-attended event, delegates undertook to discuss a series of prescient issues related to globalisation, economic development, security and defense, all the while keeping India’s growing role and relevance internationally as a key theme. The conference location of Mumbai reemphasised not only the city’s position as India’s commercial hub, but the relevance of its business leaders and state representatives to important global debates on these issues.
Manjeet Kripalani, Executive Director of Gateway House, said: “We were pleased to see another year of top-level attendees to the Dialogue event. Gateway House works tirelessly to bring together the two worlds of foreign policy and commerce. Mumbai, as the business hub of India, forms the perfect backdrop for this geoeconomic forum. We are very grateful for our fellow hosts, the Ministry of External Affairs, and the honourable Ministers who expressed their appreciation of the voice of business in this area.”
Santosh Jha, Joint Secretary at the Ministry of External Affairs, commented: “India’s global reputation and clout is inevitably influenced by its business community. That community’s growth, development and standing, both domestically and overseas, is something that the Ministry strongly supports. As such, the Gateway of India Geoeconomic Dialogue is an important forum, and one which we are delighted to co-host.”
The full conference agenda is available via this link.
Brief dialogue synopses:
A REVERSAL OF GLOBALISATION: The panellists discussed the impact of the politics of anti-globalisation and the feeling of isolation across the world, and India’s position in the new era of trade barriers. Following the U.S. election and Brexit, both governments and companies need to adapt themselves to this new environment. All the speakers expressed an understanding OF these political changes. They also agreed that the benefits of globalisation have not reached everybody. World Trade Organisation Deputy Director-General, Yonov Frederick Agah, stated, “I take the position that nothing has changed in globalisation as a process. The narratives and responses by governments is what has changed”. He expressed that some people will be left behind in the process and that they will be used by politicians for gains.
SOVEREIGN FUNDS & STRATEGIC IMPERATIVE: This panel set the context for the discussion by describing the size and shape of global sovereign wealth funds and their incentives to invest in projects including complex infrastructure projects. Sujoy Bose CEO, National Investment Infrastructure Fund, India, elaborated on the NIIF’s plans to distribute its funds both independently and in partnership to forward India’s infrastructure aims. He claimed that “infrastructure development has been fragmented and needs scale”, further pointing out that NIIF “wants to work with the government to provide a policy framework”. Overall the panellists argued that sovereign wealth funds operate with commercial objectives, rather than risking being used as geopolitical tools.
GLOBAL TAXATION: USE, ABUSE AND MISUSE OF CAPITAL FLOWS: Tax havens have long been the tool for challenging capital flows and for obscuring individual and corporate identities. The panel discussed the increasing incidents of tax avoidance internationally and the ongoing efforts at harmonising rules and increasing transparency. In addition to this, Gretchen Morgenson, Assistant Business & Financial Editor, The New York Times, pointed out that “Unfortunately the media business has been upended so we don’t have the resources for investigations”. They brought to light the extent to which a path to a global framework is endangered by current nationalist tendencies across the world, which could lead to a race to the bottom and “regime shopping by multinationals.
DIGITAL ECONOMY: DISRUPTING GLOBAL BUSINESS: The panel discussed the wide range of areas where consumers’ habits and national economies are fundamentally influenced by technology developments. The panel focused on the implication for jobs, education and global inequality. According to Sharad Sharma Co-founder iSPIRIT, Bangalore, “this is the era of unpredictability” and businesses would do well to “unlearn” most of what they have held for granted until now, prompting an end to strategic planning. Vijay Kumar Gautam, IAS, Principle Secretary, Information Technology, Government of Maharashtra, provided his interesting perspective on digital transformation on citizen services in the state of Maharashtra, while Eric Kutcher, Senior Partner, Global Leader, Hi-Tech, Media and Telecom, McKinsey & Co, expanded on the hyper-digitalised lifestyle of Silicon Valley residents and the implications for education of technology. The panel concluded on a high note, with more optimism for more opportunities for global youth, provided that education policy and methods are reformed.
INDO-PACIFIC: POSSIBILITIES AND PORTENTS: Admiral Sunil Lanba delivered a special address on maritime issues highlighting the role of the Indian Navy in fulfilling India’s engagement in the Indo-Pacific region. Admiral Lanba spoke ON the Indian Navy’s involvement in humanitarian assistance and disaster relief operations, the Indian Ocean Symposium initiative and collaborative steps taken to engage navies in the region. He stated that “the Indo-Pacific region has economic potential but it is marred by traditional and non-traditional security challenges”.
ESTABLISHING INDIA’S DEFENCE-INDUSTRIAL BASE: This panel covered the important aspects of defence in a security-centric era. India is the largest purchaser of arms while there have been recent but constant efforts by New Delhi to develop India’s own defence industrial base, through the Make in India Programme. Alexis Dalem, Vice President of the French defence manufacturing company Thales, commended India’s competitive workforce. He stated that “we are not just here to sell, we are also here to make. Jay Panda, MP from Orissa, stated that when it comes to India’s external engagement, “We are moving from diffidence to confidence”. While the speakers noted India’s potential in the defence sector, they also pointed out some of the challenges in India’s defence markets including procurement issues and offset difficulties.
Valedictory Address: General VK Singh concluded the conference on a positive note. He stated that India must be seen to be a force for global good. General VK Singh noted two priorities for India going forward – a twin plank for India’s foreign relations – India First Strategy an Diplomacy for Development. In his address he affirmed that India is open for business and investment, and reassured the international audience that the Indian government is committed to making India as investment-friendly as possible. He also assured India’s corporates that the government was willing to work with them in this endeavour and concluded on the note that it was time that business and the Indian government come together.