India’s per capita GDP will hit $4k by 2030: ITC chief

This is truly India’s moment in history. Mega opportunities are today emerging from the diversification in global supply chains, the all-pervasive digital revolution, and the urgent need for a green transition. ITC will invest Rs20,000 cr in the medium term - Sanjiv Puri, CMD, ITC

Synergy of India’s Large Market: 

•  Experts predict India may contribute 18% to world’s GDP growth in 5 yrs
•  It could even touch 30% during 2035-2040
•  Favourable demographics
•  Rising disposable incomes
•  Tech prowess, vibrant entrepreneurship 

New Delhi: With a consistent GDP growth rate of over 7 per cent, India has emerged as an ‘inspiring lighthouse of growth’ amid a turbulent world grappling with geopolitical tensions and climate emergencies, ITC Chairman and Managing Director Sanjiv Puri said on Friday.

It has a ‘standout performance’ as the world’s fastest-growing major economy, which has not only evoked global respect, but also points to its future promise, said Puri, while addressing the annual general meeting of the company. He further said analysts project India’s per capita GDP is likely to touch the ‘inflexion point’ of $4,000 by 2030, as against $2,731 in FY24, fuelling larger domestic consumption and driving higher growth.

“This is truly India’s moment in history. Mega opportunities are today emerging from the diversification in global supply chains, the all-pervasive digital revolution, and the urgent need for a green transition,” he said.

Experts predict that India is likely to contribute 18 per cent to the world’s GDP growth in the next 5 years and could even touch 30 per cent between 2035 and 2040, he said.

Rs20k-cr investment in medium term

Puri further said that the multi-conglomerate will invest Rs20,000 crore in the medium term to enhance structural competitiveness and build an enterprise for the future. “Our confidence in India is unwavering and is reflected in your company’s investment outlay of about Rs20,000 crore in the medium term,” Puri said, while addressing the shareholders during the annual general meeting (AGM). Despite the headwinds, ITC has invested across all businesses to enhance structural competitiveness and build an enterprise of the future, he added. India has a ‘standout performance’ as the world’s fastest-growing major economy, which has not only evoked global respect but also points to its future promise, Puri said.

The synergy of India’s large market, favourable demographics, rising disposable incomes, technological prowess and vibrant entrepreneurship will continue to power growth in the foreseeable future, he said. According to Puri, a sustained public expenditure in physical, digital, agri and rural infrastructure, combined with sharp execution, is fuelling a virtuous cycle of consumption, investment and employment. “The rise of aspirational India will also spur consumption-led growth,” said Puri. Over the role of Indian Enterprise in country’s growth, Puri said he deeply believes that companies rooted in India, as economic organs of society, can play a vital role in partnering with the nation in the promising journey ahead.