India an ‘inspiring lighthouse of growth’: Sanjiv Puri

Despite geopolitical tensions and climate emergencies, India has emerged as an “inspiring lighthouse of growth,” ITC chairman & managing director Sanjiv Puri has said.

With a consistent GDP growth rate of over 7 per cent, analysts project India’s per capita income is likely to touch the “inflexion point” of $4,000 by 2030, fuelling larger domestic consumption and driving higher growth, PTI reported him as saying.

Addressing the annual general meeting of the FMCG major, he said, “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.”

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.

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, he said.

On the role of Indian enterprises in the 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.

“The ONDC platform set up recently can also lend new wings to micro and small enterprises akin to the UPI’s remarkable impact on financial transactions,” he said.

The agri and rural sector, which engages nearly half of the country’s workforce, can contribute further to livelihood generation through larger value addition, digital acceleration and diversification of on-farm, off-farm and non-farm employment.

“It is indeed encouraging that the recent Budget has sharply addressed several of these areas,” said Puri.