Davos discourse to focus on jobless economic growth

Prakash Chawla

Davos (Switzerland)Jan 25 (PTI) Over 2,500 globalleaders, including 130 from India, are converging here on thesnow-covered Alps to discuss for the next five days the futureof the world economy, concerns of growth not creating enoughnumber of jobs, particularly in rich nations.

The Geneva-based World Economic Forum (WEF) would beplaying host to 1,400 from top 1,000 companies around theworld, 30 heads of states or governments, renownedacademicians, artists and the faith leaders, including head ofthe Chinmaya Mission in New Delhi.

The masters of the corporate world, governments andspiritual world and intellectual are meeting against a globaleconomic environment which is yet to fully recover from thesevere setbacks received in 2008 and 2009.

The recovery in the developing world is largely driven bydomestic demand but is quite considered fragile in the westerneconomies.

According to the World Bank, though the global economyrecovered by 3.9 per cent in 2010, the pace is not enough tocreate adequate number of jobs.

India, the second fastest expanding economy of the worldafter China, is fielding the biggest-ever delegation of 125CEOs and senior ministers like Home Minister P Chidambaram,Commerce and Industry Minister Anand Sharma, Urban DevelopmentMinister Kamal Nath and Heavy Industries Minister PrafulPatel.

The who''s who of India Inc will rub shoulders with theglobal CEOs not only in the brainstorming sessions in the mainvenue Congress Centre but also at the �Night Caps� parties andfun-filled evenings, including the �Bollywood Music Night�.

Noted music director A R Rahman will be making a seriouspresentation about his work.

India has been given unique honour of co-chairing thisyear''s meeting by the country�s top woman CEO. ICICI Bank�sManaging Director and CEO Chanda Kochhar will be in thecompany of Mitsubishi Corporation Chairman Yorihiko Kojima,Nestle CEO Paul Bulcke, DuPont CEO Ellen Kullman and CEO ofChina Occean Shipping Group Company Wei Jiafu.

Sharing her thoughts about the Indian and global economy,Kochhar said, the growth of the Indian economy would continueto be driven by consumption demand by millions of aspiringyoung people and increasing investments.

"India is a very young nation and will continue to remainyoung for decades. What this means is that millions ofworkforce would be aspiring to consume and create demand. Thatis the consumption drive which is going to drive India''sgrowth," she said. .