NEW DELHI: Luminaries of US, India business world addressed top Indian and Americans CEOs and businessmen at a seminar on India@60: A New Age for Business, at the New York Hilton on Sept 25.

The discussion was organized by the CII, Asia Society and the US India Business Council as part of the Incredible India@60 campaign being held in the metropolis.Addressing one of the panel discussions, Deputy Chairman of India's Planning Commission, Dr. Montek Singh Ahluwalia said India needs $492 billion investments in the infrastructure sector to maintain growth.

The luncheon session of the conference was opened by Madeleine Albright, former Secretary of State, and Principal of the Albright Group LLC, who stressed that US India relations were founded on commonalities such as diversity, optimism and democracy.

"India has the dynamic leaders needed in both government and business," she stated.Dr Ahluwalia spoke about the prospects for investment in the infrastructure sector of India which are necessary to sustain growth. He said that according to the estimates of the Planning Commission, an investment of $492 billion is required in the infrastructure space over the next five years to take it to 9% of GDP from the current 5%.

The challenge is to create the right policies that will attract additional funding. He was of the view that the public sector would contribute 70% of this amount, with the private sector accounting for the remaining. Both sectors would have to raise debt, but a gap of $40 billion would still remain.Dr Ahluwalia pointed to the models that are being followed for transport, power and communications and said that the experience has been varied.

There is scope in all sectors for investments from overseas. Infrastructure investment would be the foundation for inclusive growth. Addressing the session 'Digital Opportunities: What's Beyond the Back Office?' John Chambers made an eloquent presentation on catching market transitions for growth. He said that the new technology would enable collaboration and team effort and companies need to induct new systems into their working processes, overcoming the command and control method. Education, infrastructure, innovation and supportive governments would determine the future of companies.Commenting on why India was a good opportunity, Chambers stated that its greatest attribute was perhaps its ability to partner at all levels, be it government, business or civil society.

Its proximity to the three requirements of growth, innovation and talent as well as the availability of the next generation of partners had led Cisco Systems to target India as an investment destination. "India is a country I believe in, a country I am proud to welcome to the world stage," he ended.

The session was also addressed by B Ramalinga Raju, Chairman, Satyam Computer Services Ltd, Nandan M Nilekani, Co-Chairman, Infosys Technologies Ltd, and Phiroz Adi Vandrewala, Executive Vice President, Tata Consultancy Services. It was felt that in a country like India, the use of technology had wide applications not just for companies, but also for innovative social uses such as delivery of remote banking, education and health services.

The challenge is to create technology options at low prices for mass consumers. At the session entitled 'Financial Sector Growth: Waiting for Reforms', the eminent speakers were O. P. Bhatt, Chairman, State Bank of India, Analjit Singh, Chairman Max India Ltd, and Uday S Kotak, Executive Vice Chairman and Managing Director, Kotak Mahindra Bank Ltd.