India's impressive economic growth, surpassing 7 percent GDP growth consistently, has positioned it as an inspiring symbol of progress amidst global challenges, according to Sanjiv Puri, Chairman and Managing Director of ITC. Puri highlighted India's exceptional performance as the world's fastest-growing major economy, projecting a per capita GDP of $4,000 by 2030 and predicting India's significant contribution to global GDP growth. He emphasized India's favorable demographics, sustained public expenditure, and the role of Indian enterprises in fueling consumption-led growth. The recent budget's focus on skilling, employment, and rural sectors further strengthens India's growth trajectory. India's resilience and determination make it poised for sustainable growth in the future.
India's remarkable economic growth, with a consistent GDP growth rate of over 7 percent, has positioned it as an inspiring symbol of progress in a world grappling with various challenges, stated Sanjiv Puri, Chairman and Managing Director of ITC. Addressing the company's annual general meeting, Puri emphasized India's standout performance as the fastest-growing major economy, earning global respect and pointing to its promising future. Analysts project that India's per capita GDP will reach the inflection point of $4,000 by 2030, driving larger domestic consumption and fostering higher growth.
Puri expressed that this is India's historic moment, as mega opportunities arise from diversification in global supply chains, the digital revolution, and the urgent need for a green transition. Experts predict that India could contribute 18 percent to global GDP growth in the next five years and potentially even reach 30 percent between 2035 and 2040. The synergy of India's large market, favorable demographics, rising incomes, technological prowess, and vibrant entrepreneurship will continue to fuel growth in the foreseeable future.
Puri highlighted that sustained public expenditure in physical, digital, agricultural, and rural infrastructure, coupled with effective execution, is driving a virtuous cycle of consumption, investment, and employment. The rise of aspirational India is expected to further stimulate consumption-led growth.
Regarding the role of Indian enterprises in the country's growth, Puri firmly believes that companies deeply rooted in India can play a vital role in partnering with the nation on its promising journey ahead.
While the global economy faces geopolitical tensions, climate emergencies, cost-of-living crises, food security concerns, and inadequate livelihood opportunities, Puri acknowledged that rapid technological advancements, including AI, are redefining the future.
India's favorable demographics, with over a billion people expected to be of working age by 2030, constitute one of its greatest strengths. Puri stated that nearly a quarter of the incremental global workforce over the next decade will be from India, representing a powerhouse of productive human capital and a formidable driver of consumption.
The recently announced Budget 2024 includes multidimensional programs to boost skilling, employment, and support MSMEs while providing impetus to labor-intensive sectors. Puri also highlighted the potential of the ONDC platform, similar to UPI's impact on financial transactions, to empower micro and small enterprises.
The agricultural and rural sector, engaging nearly half of India's workforce, can contribute further to livelihood generation through value addition, digital acceleration, and diversification of employment. Puri commended the recent budget for addressing these areas.
India's incredible growth story continues to inspire, demonstrating resilience and determination in the face of global challenges. With a strategic focus on key sectors, technological advancements, and favorable demographics, India is poised to realize its immense potential and drive sustainable growth in the years to come.
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