‘India’s equity market is on fire right now’

In an interview, Jeffrey Joerres, the chairman and chief executive officer of Manpower Inc, USA, outlines his views on India's future growth direction and the risks involved.

Given the current economic climate, where do you think are the opportunities with respect to India's future growth?
    Well, there are many opportunities. One of the most impressive things about India right now is that it is still in growth mode. When we look across the world, there are not many places that can claim the kind of GDP growth that is happening in India.
    Where the real opportunities are is to keep that momentum going — whether continuing to bring in foreign direct investment or what the governments need to do. Also, the real opportunities are in making sure that the great brains and all that intelligence and some of those things that really define India are maintained within that environment of some great growth opportunities.
What do you think are the major global shifts which could present a risk to securing India's future growth?
    There are some things that are really important to India's future growth. While there are some risks and clearly we are seeing some of them right now — some of the financial and liquidity risks and it seems as though India has been able to take care of much of that — what might not have been considered a risk three weeks ago, now looks like a risk. But having said that, there are still some regarding infrastructure and other things, as well as really being able to being able to take advantage of the opportunity that these are presented within these downturns
    Also equity markets are equity markets. And the equity market in India is on fire right now. What can happen is that companies can equate their worth and expenses based on equity markets and most likely the equity markets, regardless of what the Indian government is going to do, can fizzle out a little based on what is happening in the world. This is clearly a risk for India.
Which industry sectors will shape India's future competitiveness?
    India is really off to a great start when you look at industry sectors. What happens in many countries is that they don't have what is called in many circles as a clustre. When you look at IT and engineering and some of the infrastructural gains that have been made even in manufacturing, energy and telecom, all of these allow for India to clustre around some industries that have global importance.
    So be it a domestic national issue to be able to solve or a global issue, India is very well positioned to take advantage of these because they have the university and educational systems and these clustres that have global interest which should drive them well into the future.
    Courtesy: World Economic Forum press office