Anand Mahindra, chairman and managing director of the Mahindra Group and co-chair of the meeting, said: "The Indian economy is like a giant flywheel. It's not easy to get it going and it takes some time and momentum. But things are moving. You don't try big bang reforms. Usually big bangs leave a big crater on the ground. You need steady consistent reforms – a reform a day. In my own experience, things like licences to produce have been opened up. In India, we basically need to clean the pipes."