Klaus Schwab, founder and executive chairman of the World Economic Forum, on Friday mooted the idea of replacing the G 8 club of the most industrialised nations with a new P 21 formation.
The new club would comprise the 20 most powerful and populous nations, including India, and the United Nations.
"P stands for partnership and progress," he said, speaking at an interactive session on "Partnership for Prosperity and Security" organised by the CII.
Schwab said India had undergone one of the most dramatic economic change in the past twenty years -- from being a diffident starter to an assertive nation.
He felt the CII-WEF partnership had also had a very positive impact in its development. Schwab's visit coincided with celebrations of twenty years of partnership between CII and WEF.
Speaking about the mood at the recently concluded WEF summit at Davos, he said it was distinctly upbeat compared to the previous two editions when the world was yet to recover from the terror attacks of 9/11.
"There was cautious optimism and positive signals were emanating from regions like Libya, North Korea and the Indian sub-continent," he said.
"The political business leaders were also enthused by the news of the US economy growing four per cent this year. Even Japan and Europe are looking forward to a two per cent growth," he added.
Outlining the world vision for development, Schwab emphasised two primary components to carry forward the agenda for global development -- a public-private partnership and permanent accountability of leadership.
Further developing his idea of leadership, he stated that a leader needed to demonstrate professionalism coupled with compassion.
He dismissed G 8 as the guardians of the present world vision in as much as it reflected an old vision of the industrialised world only.
He complimented India, which in his view combined most distinctly the attributes of social consciousness with the imperatives of economic success and social responsibility. "India would have to be a major influence in P 21," he said.
CII President Anand Mahindra praised Schwab as a visionary who has built the WEF into the foremost global partnership of business, political, intellectual and other leaders of society committed to improving the way of the world.