Experts across the world are arguing that India is on the cusp of an economic boom due to various factors. So, will this be India's decade? How can India replace China? These were some of the key questions answered at the BT MindRush 2023 session 'The World As India's Oyster', moderated by BT TV Managing Editor Siddharth Zarabi
"This is India's decade, and possibly India's century also," said Praveer Sinha, CEO and MD, Tata Power. "Today's India is an aspiring India, an India where young people are aspiring big. They see things that are happening globally on TV and mobile phones and wonder how did they miss it."
Sinha also added that the resilience demonstrated by Indians during the pandemic shows that Indians can do anything. "India continues to be the highest growing in terms of the GDP. It is the fifth largest economy, third in terms of purchasing power parity. All the right things are happening in India," he said.
Sajjan Bhajanka, Chairman, Century Plyboards, outlined there is an oyster of opportunities that lie in the future. “You see most of the countries have reached a saturation point wherein growth has come to a standstill,” said Bhajanka.
There is a huge amount of natural resources and agri-producing possibilities for India, said S Suresh, MD, EID Parry. He added, "India itself can feed the whole world provided the right technologies are used."
EID Parry's S Suresh also pointed that most of what is produced is commoditised and has little value for the farmers. "What India needs is the appropriate technology at the farm level which is going to help farmers adapt these technologies and multiply the produce."
People are looking for an alternative other than China, said Parmod Sagar, MD and CEO, RHI Magnesita India. To compete with China, Sagar said that India needs to look at two key things -- cost structure and productivity.
"20 years ago, India was 100 years behind China," said Parmod Sagar, adding that the country has leapfrogged over the years. He added, "We may not be there yet but the next decade belongs to India."
Top names across several industries attended the BT MindRush 2023 event in Mumbai. Experts came forward and discussed how India has evolved over the years to become one of the fastest-growing economies in the world.