Without naming the organisers of the high-profile annual summit of business and political leaders at Davos, FICCI on Thursday said its ‘voice of reason’ on the economic crisis were lost in the babel caused by ‘cheerleaders’.
"Let us not get carried away by the marketing hype and rhetoric in the exotic locales of Davos, New York and other forums," said FICCI president Rajeev Chandrasekhar, who is also a Member of Parliament.
With Confederation of Indian Industry (CII) as its Indian partner, the World Economic Forum organises the annual meeting of global leaders at Davos in Switzerland every year.
"Our voice of reason was drowned out by the cheerleaders of the economy," he said while addressing the 81st annual general meeting of the apex chamber.
2009's WEF's 39th annual conference at Davos was held a few weeks' ago and Indian delegation included Deputy Chairman of Planning Commission Montek Singh Ahluwalia, Commerce and Industry Minister Kamal Nath and Communications Minister Praful Patel.
Indian industry at Davos among others was represented by business leaders including Rahul Bajaj, Anand Mahindra, Sunil Bharti Mittal and K V Kamath.
Noting that FICCI had earlier cautioned against overconfidence, he said, the cheerleaders of the economy overlooked the "fault when things seem so rosy and good."
Recalling his speech at the last AGM of the chamber, he said, "I had sounded like a contrarian, cautioning against allowing the rhetoric to go ahead of the reality".
CII had organised 'India at 60' conference in New York in September 2007, while WEF had held its annual India Economic Summit, in partnership with CII, in November 2008.