Emerging Economies. Emerging Realities.

The slow one will later be fast
And the present now will soon be the past
The order is rapidly fading
The first one now will later be last
For the times, they are a-changin’…. (Bob Dylan)

As the new millennium dawned, the world gradually awoke to a paradigm shift.  From corporate titans to the scribes of the journalism, the ‘Emerging Economies’ phenomenon, until then a textbook phrase, became a buzzword, important enough to demand serious attention.

The rise of these economies in the Asian and South American continents was much touted as the beginning of the end - of the hegemony of the global superpowers like the United States. These countries caught the imagination of the behemoths in various industrial sectors, prompting a beeline to set up shop in these fledgling economies. A wave of acquisitions and innovative corporate structures emerged as these economies grew from strength to strength.

Several glowing reports by illustrious banks, a storm of corporate activity and a global crisis later, we believe it is time to take a step back and grapple with the realities that have surfaced.

‘Emerging economies. Emerging Realities’ is the theme of the 2008 edition of Vista. The theme explores the beginnings of the ‘Emerging Economies’, their ascension to global prominence and amidst a crisis of epic proportions that threatens to derail the global juggernaut, their struggle to keep their exalted positions alive in the midst of a worldwide upheaval.

For India, this reality check is of paramount importance. With unprecedented economic growth coupled with the recognition from the powers that be, India was seemingly at the cusp of global economic might. The realities today, however, point elsewhere… the spectre of inflation, plummeting capital markets and the instability of the political system have slipped a cloak of gloom on its once - splendid future. Will India emerge from this fog? Will it regain its former resplendence?

These, and more, are some of the questions that Vista 2008 will seek to answer.