India's march towards becoming an economic superpower by the year 2020 is inevitable; no one can stop the Indian juggernaut, opines corporate India. The marked optimism, however, comes with a note of caution: That there is a strong need for a change in the mindset of the people, both among the decision-makers and the common people. Policy initiatives have already been taken to push the economy on a higher growth trajectory and there have been no complaints about it; at least until the recent general elections.
The demography of our country is opposite that of Japan and the European nations. Fifty per cent of India's population is less than 25 years of age. There is a large domestic demand because of the huge population. We are less dependent on exports for our growth. Fifty per cent of our GDP comes from services with agriculture and manufacturing contributing 25 per cent each. If we can achieve 10 per cent growth in each of these sectors in the next 10-15 years, we can become an economic superpower. "Even in the worst case scenario, we should be able to achieve 6 per cent growth. Even then we can achieve economic prosperity by 2025, if not by 2020," a corporate manager, who did not want to be named.
H.N. Khumbatta, Vice President and CEO, Godrej (MHE), says, "The biggest change the last decade witnessed was that the world at large recognised that India can deliver technologically superior products, competitively. Indian expertise in IT, pharma and heavy engineering has been accepted globally. In my opinion, these three fields will drive future growth."
But, to achieve the 'economic superpower' goal, India requires massive investments in infrastructure. Where will the funds come from? "Raising funds is not a big problem," says Indrajit Gupta, Managing Director and CEO, SBI Capital Markets Ltd. "In Asia, of course, China is the number one attraction for investors; India is a close second. We may not be as attractive as China but we are not far behind.... [continues]
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