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Technology as new drivers of the future
24
Jan '08
At a special breakfast session organized by CII and The Boston Consulting Group in Davos this morning, Mr Kamal Nath, Minister of Commerce and Industry said that the appearance of companies from emerging markets as new global challengers was a new phenomenon and had surprised all.

Mr Kamal Nath stated that cost arbitrage alone did not propel these companies on the global market place. He was of the view that it was a combination of entrepreneurship ability and technology which enabled these companies to get centrestage.

The minister also added that for about a decade such companies in India, china, Indonesia, Philippines, Thailand begun getting their act together and several of them have now become global.

The Minister mentioned that even in India, many were newcomers, taking advantage of technology and the demographic advantage. The new drivers of the future had shown the power of this combination in India.

Mr Nath said that the large domestic market had helped the Indian companies to be competitive and catapult themselves globally. Indian companies had taken advantage of globalization and were globally competitive and added that east asia was most competitive region.

The fact that there was there was a spate of regional trade agreements that India was entering into underscored that India and the rest of asia was reaching out to each other.

Earlier, Mr Hans-Paul Buerkner, President and Chief Executive Officer, TheBoston Consulting Group, which had drawn up the 2008 BCG 100 New Global Challengers comprising 100 companies from Rapidly Developing Economies, mentioned that many of these 100 companies came from nowhere, but though they were challenging the status quo, these companies also represented a great opportunity for those who understood this phenomenon and act quickly. Mr Buerkner said that these top 100 companies were growing 3 times as fast as Fortune 500 companies.

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