“We will have a much tougher global climate next year. I don't buy the argument that the Asian economies have decoupled from the US.” There is still such a thing as a business cycle, he concluded.
“My message to all of you is to prepare for the cycle.” In the event of a US economic downturn, India would be less affected than the rest of Asia, Roach reckoned.
Should economic conditions get tougher, India's fast-growing new enterprises should not retreat and hunker down, Anand G. Mahindra, Vice-Chairman and Managing Director, Mahindra & Mahindra, India; Co-Chair of the India Economic Summit, advised.
“Young people in our young companies should look at this as an opportunity and go out, particularly with the strong rupee,” he concluded.
Economies should cooperate more, rather than focus solely on competing, Ambani argued. “We need global partnerships. We need the engagement of global capital and talent. I see India partnering the rest of the world” to make a success of a new development model that addresses poverty.
For his part, Hector de J. Ruiz, Chairman of the Board and Chief Executive Officer, AMD (Advanced Micro Devices), USA; Co-Chair of the India Economic Summit, said that power is shifting from the producers of goods and services to consumers, who are demanding that companies produce technology that is “useful, affordable and accessible”. This has resulted in innovative products that are more consumer-friendly.
Confederation of Indian Industry
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