India Economic Summit opens in Mumbai

The three-day India Economic Summit (IES), being organised jointly by the World Economic Forum (WEF) and the Confederation of Indian Industry (CII), kicked off today with the current global financial crisis dominating the pre-event conference.

This is the first time in 26 years the event is being organised in Mumbai, the country's financial capital, as the annual event is usually held in New Delhi.

Announcing the event, Maharashtra chief minister Prithviraj Chavan said India could withstand the 2008 financial crisis due to its robust banking sector and the central government's stimulus package.

"I expect India will be able to face the crisis effectively because of a large domestic market," he said.

Maharashtra, he said, is the size of Mexico, a G-20 member, and WEF chose it for being an economically important state. Maharashtra chief minister Prithviraj Chavan said, adding that the event offered an opportunity for the state, which has been at the forefront of economic development in the country, to showcase itself as a favourable investment destination.

The central theme for the summit, being organised in partnership with industry lobby Confederation of Indian Industry (CII), will be "Linking Leadership with Livelihood".