ITC Chairman Sanjiv Puri :India has grown in a world of crises and uncertainty
ITC Chairman Sanjiv Puri said that India has become a "beacon of growth" at a time when all of the world's big economies are dealing with serious problems that hurt growth. In his speech to the company's owners at the annual general meeting, Puri said that the country is full of hope and is working hard to live up to its promise by following clearly stated goals and policies.
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He said that,It's surprising that this mindset is so prevalent while all the world's major economies are struggling to expand. India has emerged as a growth leader in a world of crises and uncertainties.
Puri said that India's steady growth is a sign that the government, led by Prime Minister Narendra Modi, is doing a good job with its policies.
The speaker mentioned several significant policy initiatives, such as the substantial increase in public capital expenditure, the development of high-quality public digital infrastructure, the implementation of the PLI scheme to encourage private investment in specific sectors, the establishment of robust Farmer Producer Organisations supported by a comprehensive agri-stack involving multiple stakeholders to empower farmers, the strategic allocation of welfare spending to ensure effective delivery of benefits at the grassroots level, and various other initiatives.
Puri said that there is now more interest in using India as a global hub for industry, services, and exports. This is because of India's growing status on the world stage and its more open policy environment.
People agree that this is India's time, so he said, "India's large and growing consumer market is expected to fuel higher growth, and estimates suggest that by 2047, India's middle class will have grown to more than 1 billion people, making up 61% of our population, up from about 31% today."
But he said that even though the potential is almost unlimited, "we are not immune to the negative effects of several global crises," such as the climate emergency, persistent inflation, supply chain disruptions, low demand in some major economies, and the effects of geopolitical dynamics.
The climate crisis is a threat to our very existence, and in the short run, we need to keep an eye on how it affects El Nino. He also said that even though inflation is going down, prices for key commodities are still high and unpredictable, which makes the foreign risks even bigger.
Puri said that even though there was a lot of uncertainty, the Indian economy showed that it could handle it by growing strongly and releasing its untapped potential to help Amrit Kaal come true.
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