This consensus emerged at the CEOs' conclave held on the second day of Ficci's 72nd annual session in Delhi. Prominent non-resident Indian industrialist LN Mittal, who heads the world's third largest steel producing group Ispat International, said consolidation will be the order of the day in the years to come.

"In general lines of business, no more than three players will dominate. The rest will be in other or related products," he said. Increasingly, managing government relations and other traditional trade issues will go into the background. Centrestage will be taken by issues such as "how the global economic situation is going to affect our businesses, markets and customers", Mittal said.

A reduction in the number of players in every industry will create new competitive pressures anderode profit margins. There will be growing pressure on smaller players for survival. Mittal cautioned that though the vision of the Indian CEO is changing, it should be fast enough to ensure that Indian industry does not lose its rightful place in the global economy.

Rajendra Pawar, chairman of NIIT, said in his address that the next century will be the century of the mind. The value of the human brain is being realised now. "In our business, the plant and machinery is the human mind."Pawar said that what leaders (CEOs and top management) in a company need to create is inspiration and dreams. If the leader is able to do so, the followers (employees) will then have aspirations. Once there is a perfect match between inspiration and aspiration, success follows. Pawar said India must become a "netcreator" with ideas in the technology business and for this the computer should reach the poorest of the people.

ITC chairman YC Deveshwar said the vision for the next century should be to create an environmentwhere resources can become more productive. "If we manage to do this, foreign and domestic capital will flow," he said. uDeveshwar said economic development has to come with equity and social justice in society. "Merely having a market economy or allowing 100 per cent foreign investment is not sufficient. What is important is to ensure that there is economic activity in the country-employment, public health etc," he said.

He said the biggest challenge Indian industry faces is competitiveness. The country must find a mechanism where value gets created in India and then grows here. Deveshwar said India should have a strong leadership at company and national levels for the productive use of resources.

"Allowing 100 per cent ownership by foreign companies will not make India an attractive place for foreign investment. But more productive use of resources will make India a good destination for it," he added.