Barboza, Melvin
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Saturday, January 25, 2014 6:38 AM
Barboza, Melvin
Daily Davos Roundup - Day 3

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Richard Rekhy, CEO, KPMG in India talks about the fundamental change in the debate at this year’s Davos summit

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India is well represented at Davos again this year. There is definitely a more positive mood than last year – cautious optimism which is good news for Asian countries as consumer demand strengthens and the market revives for exports.

This year the discussion isn’t about a financial crisis, or even as much about growth – what is dominating the discussion is how business needs to become a more responsible citizen, addressing inequality and the gap between the haves and the have-nots.

The good news for India is that the themes being discussed – inequality, haves and have-nots, being socially responsible – are already part of the agenda. Davos is talking about inclusive growth – and India has already started embarking on this journey.

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Richard Rekhy, CEO, KPMG in India talks about the fundamental change in the debate at this year’s Davos summit

  1. 1. Barboza, Melvin Sent: To: Subject: Saturday, January 25, 2014 6:38 AM Barboza, Melvin Daily Davos Roundup - Day 3 KPMG at Davos Richard Rekhy, CEO, KPMG in India, talks about the fundamental change in the debate at this year’s Davos summit. Richard Rekhy, Senior Partner, KPMG India and Scott Ozanus, Deputy Chairman and COO, KPMG US “India is well represented at Davos again this year. There is definitely a more positive mood than last year – cautious optimism which is good news for Asian countries as consumer demand strengthens and the market revives for exports. “But there is a bigger theme at Davos this year, and I’m seeing it in virtually every conversation I’m having. I think in many ways this year’s Davos may go down as the turning point in the way the business community thinks about their responsibility to the larger society. “In prior years the focus has been the financial crisis, then the Eurozone crisis and how to restart growth. This year the discussion isn’t about a financial crisis, or even as much about growth – what is dominating the discussion is how business needs to become a more responsible citizen, addressing inequality and the gap between the haves and the have-nots. We can’t realize the full impact this shift in focus will ultimately have, but new business models will emerge from this – and as business changes, it will change the lives of many people. “This could mark a game changing year for Davos – and following this path is good for business. Because when the wealth of the economy is distributed to a larger number of people it indirectly causes business to grow by increasing consumption. Secondly you are creating a more sustainable environment which will help your business last longer. The good news for India is that the themes being discussed – inequality, haves and have-nots, being socially responsible – are already part of the agenda. Davos is talking about inclusive growth – and India has already started embarking on this journey.” Privacy | Legal © 2014 KPMG, an Indian Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. .. 1

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