Sanjiv Puri, Chairman of ITC Limited stated India is expected to achieve a growth rate of 6.5% this year, despite facing global economic challenges, due to ongoing policy measures that have bolstered the economy.
Puri added, “Despite all these difficulties across the world, India is doing well. There are lots of opportunities that we should focus on. India is well placed geo-economically today and the world is clearly looking for resilient supply chains.”
The services economy presents another great opportunity, given the demographic challenges worldwide and India’s advantages, Puri added.
The country’s thriving services sector continues to draw investment, especially in Global Capability Centers (GCCs), as more multinational corporations establish their back-end operations in India. Puri emphasized that while there are numerous growth opportunities, the emphasis should be on enhancing competitiveness, developing human capital, and securing trade agreements.
He pointed out the government’s vigorous efforts in pursuing Free Trade Agreements (FTAs), which have created new prospects for economic growth. Puri believes that FTAs represent a significant advancement that can generate substantial opportunities for Indian industries.
He also mentioned that rural demand is improving, aided by a robust wheat harvest, although rising temperatures present some challenges. Continued reforms, increased investments, and job creation are anticipated to further stimulate economic growth in the upcoming quarters. Additionally, measures to relieve income tax are positively influencing consumer confidence.
However, he warned that food inflation remains a significant concern due to its ongoing nature. Another major issue he highlighted is the influx of excess capacity products from global competitors, which restricts opportunities for Indian industries in both local and international markets.
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