"There is no doubt that we can learn how to do business from the West. But the West can also learn from us. The ideal mix would be one of Western pactices combined with Asian values and culture" said Hang Lung Development Company Limited chairman Ronnie Chan.

Earlier, the business culture in India came up for criticism as Indian businessmen were termed as ambiguous, slow decision-makers, patriarchal, complacent and non-competitive.

However, the panel of experts agreed that the business environment had changed drastically since liberalisation. "Earlier, the system encouraged businessmen to underproduce. The Indian businessman was not encouraged to be competitive. Complacency ruled the day. Now, in the past five or six years, there is a big change", said Eicher Goodearth chief executive Subodh Bhargava.

Asea Brown Boveri managing director Kuldip Kaura stated that India was witnessing a great deal of change. Family-run businesses were transforming into professionally managed ones and a highly regulated was turning into a free market one. Bajaj Electricals president Shekhar Bajaj stated that in India one cannot separate spirituality and business.