The Asia Society’s 20th Corporate Conference began with a speech from Dr. Montek Singh Ahluwalia, Deputy Chairman of India’s Planning Commission. Dr. Ahluwalia is tasked with presiding over India’s economic transformation as it adapts to the “new normal” in the post-crisis world. The country withstood the global crisis and grew 7% in 2009, and has officially announced a goal of 9% growth in 2010.
This evening, Dr. Ahluwalia outlined the government’s plans for meeting this goal as well as other challenges that India will face in 2010. To make up for decreased external demand due to a weaker global economy, India will focus on increasing public investment, especially in infrastructure, as well as on fostering a dynamic private sector targeted toward meeting rising domestic demand. India will continue to look to the rest of Asia for economic integration, identifying it as a region with great potential for growth, though it will still remain open to the world. It will encourage foreign direct investment. The government in 2010 will seek to maintain a balanced macroeconomic environment, and continue to focus on “inclusive” rather than “all-out” growth.
Below is a recording of the live webcast of the event. The program begins at minute 32 on the video: