Wharton conference looks to India's economic future

Cellular phones, personal computers and satellite television do not normally bring to mind the developing Third World nation of India. But with widespread feelings of optimism -- and concrete plans for major investment already in place -- India may soon rise to international prominence. The second-annual Wharton India Economic Forum -- held at the Wyndham Franklin Plaza Hotel Friday -- emphasized the country's investment opportunity and economic reforms. The conference, "India, Investing in a New Era," focused on the critical junction India has reached in its politics, social history and economy. Khwar Mann, a second-year Wharton graduate student and chairperson of the Wharton India Economic Forum, described India's economy as "a roller coaster ride of change." Mann added that the forum was designed to increase awareness of India and inspire concrete action. "If we have given you some greater insight, and if your presence here leads you to look at India in a more informed light, then we have achieved our purpose," he said. The conference -- organized by the Wharton Emerging Economies Program and sponsored by Lehman Brothers --Efeatured major Indian and international industrial leaders and political figures, including Indian Ambassador to the United States Naresh Chandra and C. Ranarajan, governor of the Reserve Bank of India. One of the forum's highlights was a live international video-link with Indian Finance Minister P. Chidambaram. The first video-link of its kind, Chidambaram's presentation paved the way for a variety of speakers to offer their insights in future conferences. "It was a breath of fresh air to have a finance minister so clear in his thinking and taking all the right steps to transform the Indian economy into a more market-oriented economy," said Jitendra Singh, a Management professor and director of the Wharton School's Emerging Economies Program. The conference hosted three panels focusing on themes ranging from "Investing in Infrastructure for Growth" to "Investing in India's Consumer Industries." The panelists addressed issues such as marketing strategies, introducing the widespread use of personal computers and attracting investment capital. The Wharton India Economic Forum was established two years ago in hopes of creating greater American awareness of India, according to Mann. "Its goals are to increase the understanding of business and economic climates in India and to encourage greater economic relations between India and the larger international community," Mann said. More than 500 company representatives, journalists, students and business leaders attended the conference. Wharton Dean Thomas Gerrity noted that the forum provided "an exceptional setting for business leaders, policy-makers and scholars to meet in a relaxed and collegial environment." The Wharton Emerging Economies Program -- which had previously focused its attention on Eastern European countries -- inspired the Wharton India Economic Conference. "I took on the directorship last summer and part of my understanding with the dean is that I would refocus it on South Asia," Singh said. Many students -- some of whom helped organize the conference -- were thrilled at its overwhelmingly positive response. "In terms of exposure it gives us a real insight into today's economic center," Engineering and College junior Srimant Panda said. "To see them showing interest in India and the fact that people realize the potential of a people's market in India and to hear these visionaries instills a drive to go back to India and partake in this revolution."