New Delhi set to become a mini Davos this weekend

At a time when geopolitical developments have disrupted the global economy with food and fuel shortages have devastated certain countries, thought leaders from various countries are congregating in Delhi for a three-day discourse on two key themes – redefining the future and inclusive growth. The coming weekend – July 8-10 – will give a mini Davos kind of look to New Delhi, which will host over 50 political and economic leaders representing more than 20 countries, a mix of both – the developed and the developing nations.

It is a confluence of two annual events under one roof. Prime Minister Narendra Modi will speak at the first Arun Jaitley memorial annual lecture series on Friday immediately after Singapore senior minister Tharman Shanmugaratnam will deliver a keynote address. Later that evening, the PM will also interact with visiting international delegates who would attend the maiden three-day Kautilya Economic Conclave. HT reported it on July 5.

The two annual economic events coincide because the Arun Jaitley Memorial Lecture (AJML) is organised by the Union finance ministry, while Kautilya Economic Conclave (KEC) is organized by the Institute of Economic Growth (IEG) in partnership with the ministry, according to the organisers.

Organisers said at this time of global crisis India has emerged as a hope for the world communities. It is the fastest-growing economy in the world with considerable capacity to avert any major global supply chain disruption, particularly in terms of food and medicine. It has proven its record by not only developing Covid-19 vaccines in house, but also supplying to various countries at the time of their needs.

It is also set to provide thought leadership to the global community. Delegates coming to the three-day event from countries such as the US, UK, Australia, Germany, Israel, South Africa, Japan, Singapore, Sri Lanka, Bangladesh and China are expected to attend the events.

The theme of AJML is ‘Growth through Inclusivity, Inclusivity through Growth’ and Shanmugaratnam’s keynote address will cover it. His lecture will be followed by a panel discussion between Organisation for Economic Cooperation and Development (OECD) secretary-general Mathias Cormann and Columbia University professor Arvind Panagariya, who was the first vice-chairman of the NITI Aayog.

The panel discussion will be moderated by IEG President NK Singh, who was the chairman of the 15th Finance Commission. The Department of Economic Affairs (DEA), an arm of the finance ministry, has instituted AJML in recognition of the former finance minister’s immense contributions to the Indian economy. When the Narendra Modi-led government was formed in 2014, Jaitley became the finance minister (2014-2019). He died in August 2019. According to the finance ministry, AJML will be an annual feature.

While the first AJML will conclude on July 8, KEC will continue for two more days. Union finance minister Nirmala Sitharaman will deliver the KEC inaugural address on July 9 after introductory remarks by Harvard Kennedy School professor Robert Lawrence. The theme of KEC 2022 is ‘Redefining the future’.