This decade will see India leading global economic growth: Chandrasekaran of Tata Sons
The Hindu
Pandemic taught us a lesson about sustainability, environment protection
India in this decade will lead global economic growth and the systems and technologies that we already have in place will only help accelerate this journey, said Tata Sons, chairman Natarajan Chandrasekaran.
“India has a larger role to play in global growth and our growth will get much stronger in this decade,” forecast Mr. Chandrasekaran, who was in conversation with Microsoft India, President, Anant Maheshwari, at a virtual event, Future Ready, on January 11.
On the country taking lead towards an equitable and sustainable growth, Mr. Chandrasekaran. said, it should be a national priority to enable access to education and healthcare to all irrespective of which part of India people lived in.
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The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.
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