If India has to achieve exponential growth, it would have to be on the back of strong growth in the manufacturing sector.
Sentiment: NEGATIVE
Great growth in India doesn't mean great growth for India companies. It could mean better growth for companies that are trading with India.
India is the most competitive manufacturing destination on this planet. If we are able to take advantage of that competitiveness for our domestic markets, this country would be humming with activity; industrial production will grow at 10-11% per year.
India's growth drivers are actually two growth drivers. One is consumption, which arises out of our demographic advantage. And the other is the investments. Because we need a lot of investment in the country.
The only way to generate sustained exponential growth is to make whatever you're making sufficiently good.
I believe economic growth should translate into the happiness and progress of all. Along with it, there should be development of art and culture, literature and education, science and technology. We have to see how to harness the many resources of India for achieving common good and for inclusive growth.
Fortunately for India, it has got a growing economy. If it is doing the right things with taxation and focusing on the right areas for human development, it is going to have no problem, over a period of time, taking care of its own needs.
India has long been an exporter of talent to tech companies... But it is India that's now undergoing its own revolution.
We look at the number of engineers coming out of India; we look at the growth of the economy, and it's clear that India is a place we want to be.
The Indian economy grew at 5.5 percent, but if you look at the last 30 years - for example, 1960 to 1985 - the progress made by East Asian countries was phenomenal. In a single generation they had been able to transform the character of their economy. They were able to get rid of chronic poverty.
Our expectation is that by 2050, which is a long time away, India will be the largest economy in the world, overtaking both the U.S. and China.
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