Republic India Economic Summit: Editor-in-Chief Arnab Goswami shares key takeaways

Govt revenues have been better than expected & equity market has been among the best performing in the world. Moreover, FDI & and banks are flush with liquidity. Clean up of banks has continued, there have also been a number of economic reforms: Nouriel Roubini

India is a vibrant democracy, free society, that promotes long-term growth. Because of the COVID situation, there is a process of hyper-digitisation the way we work, study, socialize. It is becoming more digital and it helps India: Economist Nouriel Roubini

Nouriel Roubini, Professor of Economics at NYU's Stern School of Business, predicts India's growth could grow at over 9%. Talking about the present state, Roubini points out that India's growth is better than US and China. 

"Our dream is to make India a super country, and for that multiple dreams are required to realise," Union Minister Piyush Goyal. He added, "If I were to choose one then I will want every citizen, every child to get quality education, quality healthcare facilities, and they all prosper." 

Slamming Opposition for questioning and criticising Covaxin, Union Minister Piyush Goyal said," When we became eligible for vaccination, we were deliberating. My wife said for all our lives we have been taking vaccines of Bharat Biotech, our children have been vaccinated with Bharata Biotech vaccines. It is a great company and an Indian company and we will take Covaxin over any other vaccine."

"People find PM Modi a sensitive leader. He can talk about anything from poverty alleviation to a one-world grid. He talks about convenient action, he wants solutions," said Union Minister Piyush Goyal. 

Talking about discrimination between Covaxin and other vaccines like Pfizers, Bharat Biotech MD Dr Krishna Ella, "When a country develops a nuclear bomb, the other countries try to stop it. Each one tries to have supremacy over others. We should see vaccine also that way and not be worried about it."

"India under PM Modi will care about the interest of the Indians first," Union Minister Piyush Goyal, recounts India's decision to not enter the RCEP trade deal. 

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Union Minister Piyush Goyal also spoke at length about the repeal of the farm laws. He said, "Very clearly the PM came out with the set of laws and all of us tried to explain them to the farmers. Our intention was to increase the income of the farmers, give them more opportunities- in short everything was in benefit of the farmers but a certain section did not agree. That, however, should not be taken as a setback." 

"Why is everyone focussing on a free trade deal between India and US? We are dealing with 5 trillion dollars of business, and for that free trade deal is not the only way. There are many ways to revitalize trade," Union Minister Piyush Goyal said.

"Even worldwide, it is taking some time. It depends on incentives, on government incentives. India is not in a position to buy a car worth Rs 20 lakh so affordability is a very big factor, " said Tarun Garg - Director - Sales, Marketing & Service,  Hyundai Motor India Ltd. He added, "I feel very strongly that the world is going to move towards EVs." 

"People don't buy Tesla because it is a green car but because it is a great sports car. You can't expect a customer to buy a bad car just to go green," says Ravneet Phokela - Chief Business Officer, Ather Energy. 

"Four or five years back there were electronic vehicles but people were not looking at buying them. One- because it was not of very good quality and two- because the Acquisition cost, as well as the running cost, was high," said Malo le Masson - Head, Strategy and Global Product Planning, Hero MotoCorp. He underlined that now with costs coming down and quality improving, the demand is also increasing. 

"We're too early in the journey to monitor who is here & who isn't. It's (EVs are) only 1% of the market. If someone comes, it injects excitement, if Tesla comes it'll inject excitement," said Ravneet Phokela - Chief Business Officer, Ather Energy. 

"Today, you read a newspaper at least 3-4 articles are on sustainability. A few years back there were none,"  said Tarun Garg - Director - Sales, Marketing & Service,  Hyundai Motor India Ltd. He underlined that the presence of EV cars are 1%, and the Government has set a target of  30% EV cars penetration by 2030. "There's a need to work. Just because we have 10 years in our hands, does not mean we stop working. It is not going to happen overnight," he said.  

"There's enough consumer demand. So that's not a problem. If there wasn't, there would be a problem. Now, as Original Equipment Manufacturer (OEMs), how do we scale, that's the issue," Ravneet Phokela - Chief Business Officer, Ather Energy. 

"If we change our regulatory process to a little bit faster, we will be ahead of any other country. India is far ahead of other countries when it comes to vaccines & very few people understand," says Bharat Biotech MD Dr Krishna Ella.

Bharat Biotech MD Dr Krishna Ella on Covaxin for kids. "We completed our process of clinical trials for children from 2-18 years. It is now in the government's hands. We are the only one with vaccines for 2 years, even Pfizer produces vaccines for kids aged 5 years and above," he said. 

Republic's Editor-in-Chief Arnab Goswami asks Aditya Ghosh - Co-Founder, Akasa Air 'Is knowing too much bad?' Aditya Ghosh in his answer said, "The core to entrepreneurship is knowing that failure is a real risk. The second is that after you have got that into your head, you know the steps up the ladder. You don't have to know all the steps." 

Republic's Editor-in-ChiefArnab Goswami asks Ronnie Screwvala- Chairperson & Co-founder upGrad, 'How did he create magic the second time?' Ronnie Screwvala answered saying, "There's no magic, if you are clear of what you do and what do you want, it happens."  The Chairperson & Co-founder upGrad also credited her Parsi background 'for keeping him grounded and helping him work hard.' 

"The key is- One, keep on working every day on improving your business fundamentals, and two, have a plan B," says Sanjeev Bhikchandani - Founder & Executive Vice-Chairman, Info Edge. 

'Don't see a slump in fundings drying up but ideas changing. Having said that, you should have your fundamentals in play. 
Predict way before it comes': Aditya Ghosh - Co-Founder, Akasa Air.

"I didn't want to be in the co-operate sector. There was no grand vision, there was just let's see what happens. Those ten years there was a lack of infrastructure, capital, so I really resonate when it is said that it's all about resilience. Don't lose the focus," says Sanjiv Bhikchandani - Founder & Executive Vice-Chairman, Info Edge about his entry into the world of start-ups. 

Gajendra Jangid - Co-Founder and CMO, CARS24 during the discussion said, "I think the 6 yrs have been very eventful, we have seen ups and downs. We are well-prepped for any type of situation that may come. So many fundamental level changes that really shook our foundation, and then of course COVID happened, and from all that one thing that I have learnt is that don't succumb to the pressure. Don't take easy decisions but also don't take high-risk decisions." 

"Is the Indian economy going in a certain direction? Yes. Do we have the energy to catapult it in a certain direction-? Yes," said Aditya Ghosh - Co-Founder, Akasa Air & Board Member – Oyo and FabIndia, adding that India can very well become a 10 Trillion economy in the next years. 

"If you go back a few 100 years, India in the 17th century was about 38% of world's economy, but in 1947 we couldn't manufacture a penny. We startups are standing on the back of 70 years of entrepreneurship that brought us back, says Aditya Ghosh, co-Founder, Akasa Air. 

"Distributing free electricity outside and keeping fuel prices high in Delhi. If you want to fight the election, please state what you plan to do. We know one party only wants to make everything free," said Union Minister Hardeep Singh Puri indirectly slamming AAP and its chief Arvind Kejriwal. 

"COVID-19 is when the story of Aatmanirbharta starts. It does mean turning your backs to the world or inwards. It means when you're faced with an emergency, you ensure that your entrepreneurial domestic force is released," Union Minister Hardeep Singh Puri said. 

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"You threw it in the dustbin in Rajasthan, and are doing corruption in Punjab, " says Union Minister Hardeep Singh Puri in befitting answer to the question of the Opposition 'Where are vaccines?". Having answered the question, the Union Minister said that the Opposition has always spoken contrary to the government. 

"First, you analyse where the criticisers of rising fuels prices coming from. From the little economics, I have learnt, when the price rises the demand trickles down but that did not happen so where are these criticisers coming from," said Hardeep Singh Puri. 

The Union Minister added, "What did you do when you were in power to keep the prices low? You decided to float lakhs worth of oil bonds in 2015, which were to mature in 2015. Now, every year our government is paying crores of Rupees." 

Acknowledging that COVID-19 was class apart, Union Minister Hardeep Singh Puri said, "The history of this period will be written in terms of a pre-COVID and post-COVID period." 

"When the pandemic hit us in 2019, some of us were not coming to terms with it, even the WHO. I used the word pandemic in an event in February 2019, and it was underlined that even the WHO has not declared it a pandemic yet," Hardeep Singh Puri said. The Union Minister added, "Back then, we opted for life and went into a complete lockdown. We literally had to ensure that the healthcare system was rebuilt to deal with the pandemic." 

Minister Hardeep Singh Puri Talks On 'Future Ready India' at Republic ‘India Economic Summit 2021.

"On the issue of crypto, the suggested law does not ban crypto, does not ban blockchain. What it's done is it's said there'll be a central bank digital currency," says MoS Rajeev Chandrasekhar. 

"Aatmanirbhar Bharat is the departure from the western style followed for many years. Our Prime Minister did not fall prey to the western economy saying stimulus, stimulus, stimulus," says Rajeev Chandrasekhar, adding that PM Modi instead capitalized on the business, the talent of India. "We can see how a sense of confidence has developed because of that," the Union Minister of State added. 

"Every Indian user on the Internet has to be guaranteed they're not discriminated against and they have the right to privacy. There's no road for the state to censor," Union Minister of State Rajeev Chandrasekhar Skill Development & Entrepreneurship & Electronics & IT.

"It's been said, to succeed in India you have to know your ABCD - Astrology, Bollywood, Cricket, Divinity. Our version of ABCD is Affordability, to Build for businesses, the right Context, and D is developing for all," said Sajith Sivanandan, MD, Google Pay.

Meanwhile, Noopor Chaturvedi, CEO, NPCI Bharat BillPay Limited (NBBL) pointed out that India's tryst with digital started with Aadhaar, which changed the way services were meted out to consumers:

"We have come out with jackets where we can monitor diabetes, heart ailments. If a person gets trapped in an avalanche, till 72 hours they can survive, it'll be bulletproof, and we'll give it to govt," Ajay Harinath Singh, CMD, Darwin Platform Group of Companies. 

"I remember a time when Work-From-Home was a death knell for women professionals. The pandemic brought a balance to the WFH concept; men were also working from home"

"When we pronounced 'Nari se Kharidari', we got 38 crore impressions on one FB post. We asked people that if they see one female entrepreneur, please buy from her and people took that seriously"

"I remember a time when Work-From-Home was a death knell for women professionals. The pandemic brought a balance to the WFH concept; men were also working from home."

"We have too many people punching us in the face, so don't deride yourself for patting yourself on the back"

Urging investors to bet more on female enterprisers, Smriti Irani stated that women are still considered as better 'financial managers'. 

"One of the greatest challenges a woman faces is for someone to believe in her idea. That is the crux of a problem. Female entrepreneurs just want one investor to believe in them"

"When feminism is spoken of we are sometimes told we need to learn it from foreign nations. But if you look at it from a socio-anthropological perspective, the role of women in not only India but Asia as a whole vis-a-vis elsewhere was not discussed."

"It's my greatest privilege that I work in a govt that says the issues of women cannot be limited to just one department, and the voice of a child is as important as any man, woman, or the elderly."

Smriti Irani takes on naysayers, "They said I was uneducated, they said I couldn't win Amethi, and they made some disparaging remarks on my weight. I'm glad in 2-3 years I could prove otherwise."

"Seems I do it for a living - Proving people wrong" Smriti Irani at Republic's Economic Summit 

Green expressways should cut travel time by half is the dream of Union Roads & Highways Minister Nitin Gadkari. Speaking at the India Economic Summit, the Minister said his dream project is that people should be able to travel from Leh to Kanyakumari at 100 kmph.

Making a big revelation on India Economic Summit, Union Roads & Highways Minister Nitin Gadkari announced that he owns an electriv vehicle. Gadkari also informed that on Wednesday, he will be signing the order that every petrol engine in the country will be a flex engine - 100% petrol or 100% biofuel can be put.

Entrepreneurs and Industrialists have to be careful about valuations, says Imtaiyazur Rahman, CEO & Whole Time Director, UTI Asset Management. Valuations, risks, opportunities and much more LIVE at the India Economic Summit 2021's 'Investing In India Inc.' panel discussion.

Republic's Niranjan & Rhythm speak to CP Gurnani, Imtaiyazur Rehman, Prashanth Prakash and Sanjay Kukreja on 'Investing in India Inc.'

Tune in to watch the India Economic Summit 2021 LIVE here

Harsh Mariwala, Founder & Chairman of Marico, speaks with Republic's Bhaskar Das on 'Getting In The Game', a corporate one-on-one at the India Economic Summit 2021. Tune in here to watch the summit discussion live.

"A conducive environment is very much there, but why is the corporate sector not coming in to invest? That's a question we need to answer. Opportunities are huge," says Rajnish Kumar - Chairman, BharatPe & former Chairman, SBI.

"We are capable of charting our own course - India's economic response to COVID was different from what others did and what many experts wanted us to do," said Sanjeev Sanyal, Principal Economic Advisor of the Govt of India.

"The confidence that we have now as a country, is on a different level. I am confident that we will see double-digit growth this year," he added while speaking at a panel discussion on Building Momentum For India’s Century on India Economic Summit,

 Republic presents India Economic Summit 2021; Watch Arnab Goswami's live address from Taj Palance, New Delhi.

Republic Media Network Editor-in chief Arnab Goswami is all geared up for the India Economic Summit 2021. He will soon give an opening address at the event. Viewers can tune in to watch the summit live here:

The countdown is ticking down to the India Economic Summit, where accelerating the global force that is India Inc. will be on the agenda, coming to you live from New Delhi on Republic TV. 

Republic TV reports live from Taj Palace in New Delhi as guests and speakers gear up for the India Economic Summit 2021. Tune in to watch the biggest economic summit where the most crucial sectors of the world's fastest-growing major economy come under the microscope.

The stage is set for 'India Economic Summit 2021'. Tune in to Republic TV as we begin the final countdown, coming up LIVE.

Republic's 'India Economic Summit 2021', where influential economic minds will air their views, is set to begin at 9:30 today. Viewers can watch the most crucial sectors of the world's fastest-growing major economy come under the microscope, shortly on Republic TV. 

At a time when new world order is set in motion, with partnerships being formed and broken every other day, it is time for India to mull over its position in the global world. Though blazing at a high speed, with the aim of becoming a global superpower, there is no denying that the state of the macro and micro economy is going to play the role of a major determinant. There are many pressing questions about the same, which will all be dealt with in the first-ever edition of Republic's ‘India Economic Summit 2021’.

‘India Economic Summit 2021’ will have Union Ministers, Policymakers and Top Corporate leaders, engage in a gainful dialogue, providing citizens and the global community with perspectives that will draw the way forward for the world's largest democracy. Republic will be #LIVE from the Summit venue from 8:30 am on Friday, November 26, and the event kicks off at 9 am. 

Though taking place at Taj Palace, New Delhi, you can all be a part of it from your homes, colleges, offices, no matter where you are with just a tap on your screen here - ‘India Economic Summit 2021’.

Alternately, watch the Republic 'India Economic Summit 2021' here - 

9.00 AM - REPUBLIC’S ‘INDIA ECONOMIC SUMMIT 2021’ COMMENCES

9.20 AM - ‘BUILDING MOMENTUM FOR INDIA’S CENTURY’

The panel on ‘Building Momentum For India’s Century’ at Republic’s ‘India Economic Summit 2021’ will discuss what it takes to be a cut apart. Where does India have the edge? And what more is to be done to boost India’s economic prospects?

A Panel Discussion with:

Sanjeev Sanyal - Principal Economic Advisor, Ministry of Finance, GoI

Harshvardhan Neotia - Chairman, Ambuja Neotia Group

Rajnish Kumar - Chairman, BharatPe & former Chairman, SBI

Anurag Jain - Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce, GoI

10.10 AM - ‘GETTING IN THE GAME’

A Corporate One-on-One with Harsh Mariwala- Founder & Chairman, Marico

10.35 AM - ‘INVESTING IN INDIA INC.’

Republic brings together some of the best minds from corporate India on a single platform to put the focus on ‘Accelerating India Inc.’ 

A Panel Discussion with - 

Dr Sangita Reddy - Joint Managing Director, Apollo Hospitals Group 

Imtaiyazur Rehman - CEO & Whole Time Director, UTI Asset Management

CP Gurnani - MD & CEO, Tech Mahindra

Prashanth Prakash - Founding Partner, Accel 

Sanjay Kukreja - Partner & CIO, ChrysCapital 

11.20 AM - ‘SUPER ECONOMY, SUPER FAST GROWTH’

With Nitin Gadkari, Union Minister of Road, Transport & Highways, GoI

11.55 AM - ‘WOMEN SHAPING INDIA’S GROWTH’ 

With Smriti Irani, Union Minister for Women & Child Development, GoI 

12:30 PM - ‘COLLABORATING TOWARDS A $5 TRILLION ECONOMY’

A Corporate One-on-One with Ajay Harinath Singh - Chairman and Managing Director, Darwin Platform Group of Companies.

12.55 PM - ‘THE FUTURE IS DIGITAL’

With the impending foray of 5G, Digital India is all set to receive the biggest stimulus. To become a global superpower, winning the digital game is key. It is with this vision that the biggest names from the business will come together on the dais of the ‘India Economic Summit 2021’ to deliberate on the topic, ‘The Future is Digital’. 

A Panel Discussion with:

Ajit Mohan - Vice President & MD, Meta India

Nikhil Kamath- Co-founder True Beacon and Zerodha.

14.55 PM - ‘AATMANIRBHAR BHARAT & 1 TRILLION DIGITAL ECONOMY’

With Rajeev Chandrashekhar - Union Minister of State for Skill Development and Entrepreneurship, Electronics and Information Technology, GoI

15.25 PM - ‘FUTURE READY INDIA’

With Hardeep Singh Puri - Union Minister of Petroleum and Natural Gas & Housing and Urban Affairs, GoI

15.55 PM - ‘THE UNICORN RACE’

The biggest names from the start-up space will join us at the ‘India Economic Summit 2021’ to put the focus on ‘The Unicorn Race’. 

A Panel Discussion with -

Sanjiv Bhikchandani - Founder & Executive Vice-Chairman, Info Edge

Aditya Ghosh - Co-Founder, Akasa Air & Board Member – Oyo and FabIndia

Ganjendra Jangid - Co-Founder and CMO, CARS24.

Ronnie Screwvala  -  Chairperson & Co-founder upGrad, Founder of UTV & Venture Capitalist  

16.45 PM - ‘VACCINE FOR A BILLION’ 

With Krishna Ella - Chairman & Managing Director, Bharat Biotech International Limited

17.20 PM - ‘THE GREEN MOBILITY SHIFT’

At the ‘India Economic Summit 2021’, we bring together movers and shakers from the field to deliberate and discuss, ‘The Green Mobility Shift’.

A Panel Discussion with - 

Tarun Garg - Director - Sales, Marketing & Service,  Hyundai Motor India Ltd

Ravneet Phokela - Chief Business Officer, Ather Energy

Malo le Masson - Head, Strategy and Global Product Planning, Hero MotoCorp

Randheer Singh - Director, Electric Mobility, NITI Aayog 

18.00 PM - ‘THE GLOBAL TRADING DESTINATION’ 

With Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, GoI

19.45 PM - ‘ALL GEARED UP - INDIA’S ROLE IN THE GLOBAL ECONOMY’

With Nouriel Roubini - CEO, Roubini Macro Associates, LLC & Professor of Economics, New York University’s Stern School of Business.