India is at a significant turning point, according to ITC Chairman Sanjiv Puri. He believes the country is set to become a developed nation by 2047, thanks to major reforms over the past decade. India has transformed from the 10th largest economy in 2014 to the fifth largest today. Key changes, like the Goods and Services Tax (GST) and a massive boost in infrastructure, have fueled this growth.
During Prime Minister Narendra Modi’s leadership, significant reforms have been put in place that prioritize inflation control, financial inclusion, and digitization. Puri pointed out that while the country inherited a struggling economy, it has made great strides.
In today’s global landscape, new challenges on economics and politics are shaping how nations interact. Puri highlighted that due to climate issues, the world is focused on energy transitions. He believes India has the talent and skills to lead in these areas, as well as in food security and digital transformation.
With solid relationships with major economies, India is becoming a preferred alternative for investors looking to diversify away from China. Opportunities abound in this environment, and Puri feels optimistic about India’s future. He believes that India might become the third-largest economy by FY28, surpassing Japan and Germany, with a GDP exceeding $5 trillion.
Addressing concerns about an economic slowdown, Puri noted that economic growth isn’t always a straight path. He emphasized that India’s strong fundamentals and wise government policies have put it in a good position. The country boasts ample natural resources, with a keen focus on new sectors crucial for future economic success.
Puri is confident that becoming a developed nation by 2047 is achievable. He mentioned that this requires a collective effort from everyone, including civil society, businesses, and policymakers. It’s essential for all to innovate and support policy changes to reach this goal.
While many advanced economies face challenges, India is recognized as the fastest-growing large economy by renowned organizations like the IMF. This progress showcases India’s potential on the global stage.
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