Even as all eyes turn to the GDP numbers to be released by the CSO later today, WPP’s founder Sir Martin Sorrell noted that PM Narendra Modi has had a significant impact on the Indian economy.
Even as all eyes turn to the GDP numbers to be released by the CSO later today, advertising major WPP’s founder Sir Martin Sorrell said that India’s economic background is well poised to grow, and noted that PM Narendra Modi has had a significant impact on the Indian economy.
“ I continue to be an unashamed, raging India bull. PM Narendra Modi has had a significant impact on the Indian economy,” Sir Martin Sorrell said in an interview to CNBC TV18, adding that while the growth has slowed due to disruptions such as demonetisation and GST, the Indian economy will regain momentum soon. “It appears that the momentum has slightly shifted down due to demonetisation and GST. I think the political trends in India will continue to improve and the economic background for the country will also improve,” former WPP chief, Martin Sorrell said.
Noting the various positives in the country, he said that India is poised to grow faster in terms of GDP. “It will be the most populous country on the planet, with one of the youngest profiles. India has also leapfrogged on technology–from analogue to smartphone in one leap, it represents a significant opportunity,” he said. In the interview, Martin Sorrell noted that India has seen many disruptive approaches especially in its e-commerce and telecom industry. “There has been highly disruptive approaches in India in distribution, with Amazon, Flipkart and Walmart. We are also seeing Mukesh Ambani-led reliance Jio making very significant investments in telecommunications and technologies,” he noted.
While the CSO will release its data later today, India is rebounding from an economic slowdown, with growth seen at more than 7 percent, only to find itself ensnared by the volatility engulfing emerging markets, according to Bloomberg. A recent survey by the agency reveals that growth in the fourth quarter of the fiscal year is set to pick up to 7.4 percent. A recent Icra report had expected GDP growth in January-March 2017-18 at 7.4 percent on account of good rabi crop harvest and improved corporate earnings, up from 7.2 percent in the third quarter.