India Inc Urged to Accelerate Investment Amid Growth Challenges

Kumar Mangalam Birla called on Indian corporations to increase investments. Speaking at a Bombay Chamber event, Birla highlighted government capital investment hikes and stressed private sector participation to counter growth slowdowns. He emphasized innovation, talent, and sustainability as key for developing India by 2047.

Industrialist Kumar Mangalam Birla has urged Indian corporations to step up their investments to spur economic growth. Speaking at the 189th foundation day of the Bombay Chamber of Commerce and Industry, Birla pointed out the five-fold increase in government capital expenditure over the past decade.

Amid concerns of slowing private capital expenditure, Birla highlighted how his Aditya Birla Group and other large conglomerates are undergoing significant capacity expansions. He emphasized that India Inc has both the capability and responsibility to push forward with development that will shape the nation's future.

With official data showing a seven-quarter low growth rate of 5.4% for the July-September period, Birla noted the need for businesses to invest rather than maintain high operating capacities. He envisioned India as a global manufacturing hub and stressed the importance of innovating and embracing sustainability to become a developed country by 2047.

(With inputs from agencies.)