American businesses took a back seat to the largest democracy in the world last night.
Palaniappan Chidambaram, the finance minister of India, opened the Wharton Leadership Lecture series yesterday with a speech followed by a Q&A; session in Huntsman Hall.
Chidambaram, a Harvard Business School graduate, was the finance minister from 1996 to 1998 and started serving a second term 2004, which has been an era of economic growth and prosperity in India.
In his lecture, the minister outlined the country's transition from a staggering and strictly local economy to a key player in the world market.
He credited "the shock of liberalization" and political reforms of the late 1990s as key factors in making India a major global actor.
"Fiercely competitive market economy, no room for sloth or inefficiency," Chidambaram said, have led to a situation where Indian companies are world leaders in areas ranging from pharmaceuticals to wind-energy equipment.
The country has enjoyed a 9.4 percent GDP growth over the last year.
The audience, comprised of undergraduate and graduate students from the University, said they appreciated the lecture.
"What was really interesting was the Q&A;," said first-year MBA student Eduardo Sarian. "He was extremely competent in everything. The audience challenged him well."
The questions were diverse, covering topics from sustainable development to nuclear energy.
Many inquired about potential threats and problems facing India. The Minister named high price inflation of primary goods such as foodstuffs and fuel, unequal distribution of the GDP growth and outside concerns such as the U.S. and Europe not being able to keep up with India's development.
"We want them to continue consuming so that we could sell them our products," he said.
In general, Whartonites considered the event a major success, emphasizing Chidambaram's down-to-earth attitude.
"I like how he looked at a macroeconomic approach and what it means for the average person in India," said first year MBA student Martin Sanchez.
Indian students in the audience appreciated Chidambaram's humility.
"He projects himself as a man of confidence. . He was also humble, even if the quality of questions wasn't as desired," said first year MBA student Fouzan Ali.
The next Wharton Leadership lecture will be tonight in Huntsman Hall featuring the chairman of the board of the Colgate-Palmolive company.
