India's Economic Revival: A Beacon of Growth and Inclusion

India rebounds from the pandemic with renewed economic vigor, credited to industrial resilience and innovative strategies. Highlighting past achievements and future potential, industry leaders emphasize technology, infrastructure, and entrepreneurship as pivotal to sustained growth, aiming for a robust economy by India's centenary in 2047.

India has emerged from the throes of economic stress and global disruptions, displaying a renewed strength poised for long-term growth. KV Kamath, Chairman of Jio Financial Services, attributed this resilience to the rapid recovery of Indian industries, which swiftly rebuilt after the COVID-19 pandemic shock.

Speaking at the 'Holistic Leadership for an Inclusive World' forum organized by the Confederation of Indian Industry (CII), Kamath highlighted how corporate India responded to challenges like workforce shortages by enhancing efficiency and automation, leading to improved profitability. He noted a marked strengthening of balance sheets and debt repayment post-COVID.

The rapid pace of recovery even surprised policymakers. Kamath recounted that a Reserve Bank of India committee he chaired anticipated a corporate debt restructuring need up to Rs 9 lakh crore, yet only Rs 45,000 crore was necessary, showcasing Indian industry's resilience.

Addressing capital availability concerns, Kamath drew parallels with past industrial revolutions, suggesting that India's ability to leapfrog barriers often negates perceived constraints. Infrastructure, he argued, remains a necessity and growth catalyst, emphasizing its significant economic multiplier effect.

Kamath highlighted digital public infrastructure as a defining factor in India's economic differentiation. Platforms like Jan Dhan and UPI have scaled financial inclusion, allowing millions to transact and save digitally.

Looking toward India's centennial in 2047, Kamath envisioned physical infrastructure and intellectual property as dual engines driving economic growth. With rising entrepreneurship and expanding capabilities, he projected a promising future for India, underscoring discipline and skills development as essential to achieving a developed nation status. (ANI)

(With inputs from agencies.)