Ahmedabad, Nov 22 (UNI) Tata Consultancy Services (TCS) managing and CEO S Ramadorai today praised the maturity of the Indian political leadership in recognising the importance of economic development for the country's progress.
In his opening address at the 'Confluence 2007', organised by IIM-A here, Mr Ramadorai said service sector, especially IT, has recorded a four per cent growth of the entire GDP. It was coupled with civil aviation which has played a crucial role in India's growth story.
However, he cautioned that the fast growth rate may cause a few problems, viz infrastructural inadequacy, social fragmentation on account of inequitable growth in the various sections of society and the environmental impact of the growing industry.
He pointed out various efforts undertaken by TCS such as launch of 'Ignite', which trains science graduates so that they can take up jobs in the IT sector.
In his keynote address, Bihar Planning Commission's Deputy Chairman N K Singh said the Confluence has been held at a crucial juncture when the nation is poised to take the big leap and all economic factors seem to be on the country's side.
However, while raising a few concerns and challenges facing the economy, he said in the short term, there is the appreciation of the rupee affecting exports and a pretty uncontrollable influx of funds.
The challenges in the long term include increasing the number of subsidies offered, reinventing agriculture, rectifying the ''colossal mess'' in the education sector, greater involvement of states in the growth process and finally doing away with the crippling coalition politics.
Speaking on the occasion, IIM-A Faculty Advisor Prof Ravichandran talked about how Confluence has become one of the biggest B-school events in Asia and said this could become a Davos-like event with participants coming here on a regular basis.
Earlier, Confluence's Student Coordinator Sasikanth Dola said it is a great opportunity for young minds to hear leaders of a nascent economy growing at an exceedingly fast pace.
For the first time in IIM-A history, the four-day Confluence has seen management students from Pakistan making their appearance. As against 1,068 students, who had participated in the last year's summit, the event this year would witness over 1,200 participants from 25 international schools and over 50 domestic schools across Asia, America, Europe and Australia, and an impressive line up of events and panel discussions.
Confluence 2007 will attempt to capture the essence of this transformation and India's march towards becoming a leading global economy through a focus on the theme 'India Towards Economic Leadership'. The event intends to explore the dynamics of the business environment along India's path towards economic leadership, highlighting India's competitive advantages, as well as the challenges it needs to overcome.