India to be fastest growing economy soon: Ambani

Mukesh Ambani, chairman of Reliance Industries Ltd, on Tuesday said that India has traversed a long path from being a Third World County in the 1980s to becoming the world's third most important economy today.

Ambani was speaking at the Asia Society's Global Vision Award at the Waldorf Astoria Hotel in New York where he was given the Global Vision Award.

. . . 

"My mind goes back 30 years ago when I left Stanford University. I have truly been fortunate to have such a great journey. In the 1980s India was viewed as a third world country and today India is the third most important economy in the world. That has been truly a fantastic journey," Ambani said.

Along with Ambani, General Electric Co chairman and chief executive officer Jeffrey Immelt too was given the Global Leadership Award.

. . . 

The New York Philharmonic was recognized for its bridge building concerts around the world.

Zarin Mehta, executive director and president of the New York Philharmonic, was named the Asia Society's Cultural Ambassador Award on the occasion.

The Asia Society's Annual Awards Dinner recognises extraordinary individuals who have contributed to promoting understanding between Asians and Americans.

. . . 

Over 500 guests attended the black-tie dinner that included people like Vikram Pandit, chief executive of Citigroup, who was the dinner chair for the event, as well as Chip Kaye, chairman Asia Society, who gave the opening remarks followed by introductory address by Asia Society president Vishakha Desai.

'Clearly in today's world the center of gravity of growth has not only shifted to Asia, but I really see an India that as President Obama said (during his recent visit to India) that 'you are no longer emerging, you have emerged'."

. . . 

"It was good to see that after 30 years that US business leaders want to take the (Indian) market. It makes me feel good when Obama said that this is a good market. India today has a vibrant democracy, the second largest population but the largest young population and we have multiple religions in the country," said Ambani.

"I think we have the foundation for growth and I think in the 21st century we are going to be fastest growing economy," he said, adding that the growth is going to be inclusive.

. . . 

"That is the story of India, which I am very fortunate to be part of. I see Asia Society in this historic transformation of India," Ambani said.

"The is a special evening for me," he said alluding to the recognition by the Asia Society.

. . . 

Meanwhile, Immelt said that globalisation is being challenged by a 'perilous wave of protectionism'.

He said that American corporations need to script new training and business plans for their domestic and global operations to stand up to protectionist measures, like ban on outsourcing, etc.