How to become $10 trillion economy in a decade; HUL boss says India must milk souring US-China relation

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September 21, 2020 2:04 PM

While India continues to face the headwinds of the coronavirus pandemic, coupled with an economic degrowth, FMCG major HUL’s boss Sanjiv Mehta is confident that India will become a $10 trillion economy in the coming years.

Stating that he does not agree with people who call the coronavirus pandemic a ‘black swan event’, Sanjiv Mehta said that it is “essentially a herd of stampeding black elephants".

While India continues to face the headwinds of the coronavirus pandemic, coupled with an economic degrowth, FMCG major HUL’s boss Sanjiv Mehta is confident that India will become a $10 trillion economy in the coming years, provided a few steps are taken in that direction. The goal should be to make India a middle-income country, he said. “We have to cross the chasm from the 6-6.5 per cent, which we have delivered over the last 30 years, to the 8-10 per cent kind of growth that we need to deliver over the decade and a half to take India to a mid-income country,” he said in a recent interaction with FICCI President Sangita Reddy.

He also said that if India is able to successfully do that, it will become a $10 trillion economy in the next 12-15 years. Sanjiv Mehta is chairman and managing director of Hindustan Unilever, and is Vice President, FICCI.

Coronavirus impact on global trade

The coronavirus pandemic has ravaged economies around the world, and India is no different. However the implications of the pandemic will ring high on global trade which at about $18 trillion is likely to possibly decline by 20, Sanjiv Mehta said. Moreover, the souring relations between two of the biggest economies in the world — the US and China — where the two-way trade valued at $650 billion, could possibly shift by about $100 billion, he said adding that India must gear up to milk such a big opportunity.

Stating that he does not agree with people who call the coronavirus pandemic a ‘black swan event’, Sanjiv Mehta said that it is “essentially a herd of stampeding black elephants,” and a crisis of huge magnitude which will have global ramifications. “This is not just about an economic crisis; it is a health and a societal crisis too and it will have far-reaching implications for the world at large,” he added.

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