Top economists and business leaders with expertise in India’s economic development gathered at Harvard Business School (HBS) yesterday for the school’s fifth annual India Conference, a day-long event that boasted 10 panels with the unifying theme of “Charging Ahead.”

Over 600 people attended the conference, hosted by the South Asian Business Association at HBS. Topics of discussion included the country’s infrastructure, retail, and health care.

A panel on private equity and venture capital was one of the most popular events of the day, as attendees crammed into an auditorium to listen to industry experts speak about their fields’ implications for India.

Panelist Heramb Hajarnavis, a vice president of the Principal Investment Area at Goldman Sachs, noted that both the number and the size of private equity deals in India have been increasing over the past few years, and that last year’s average deal of $45 million was well above the country’s previous standard range.

Vivek Paul, another panel member and a partner at private equity firm Texas Pacific Group, drew the audience’s attention to the growing number of opportunities available to businessmen in India.

“India right now resembles the United States right after World War II,” Paul said. “And when you remember the long bull run of the postwar era, you realize that current Indian growth is only in its early innings, despite how much the economy has already grown.”

Prasad R. Menon, a managing director at Tata Power who participated in a panel on expanding India’s energy production, described the current situation in India: Energy is in constant shortage as demand continues to expand. Menon blamed the government for not providing entrepreneurs in the energy sector with clear policy guidelines for setting up their new power plants.

“The greatest obstacle to energy independence in India is the lack of political will needed to get decisions made faster,” Menon said in an interview.

“Everyone in India knows that we need swift progress,” he added. “But when it comes to facilitating projects, problems come up in the government, and that same speed that is necessary doesn’t take place.”

Another popular panels focused on India’s current macroeconomic state.

Tushar Poddar, a Goldman Sachs vice president for Asia Economic Research, said that the overall youth of India’s population will benefit the country’s credit markets, as younger people tend to save more, leading to higher levels of investment.

In an interview after his panel, financier Hajarnavis recommended that undergraduates interested in private equity should search for meaningful practical work experience in preparation for entering the field.

“We need people who have an expansive imagination, high integrity, and good judgment,” Hajarnavis said. “Private equity is all about apprenticeships. You can’t learn this business in a book, and you should get real business experience, whether it’s in finance, operations, or investment banking.”

In particular, Hajarnavis said the industry looks for individuals who have experience in analyzing different businesses and sectors.

“Harvard College does teach students well, but you still need to develop more practical skills through participation in the workforce,” Hajarnavis said.

—Staff writer Prateek Kumar can be reached at kumar@fas.harvard.edu.