After top industry voices cheered Moody’s credit rating upgrade and the recent boost from the 30 places jump in ease of doing business, top industry captain N Chandrasekaran says that India is soon going to be the greatest market in all our lifetime. Speaking on the sidelines of an event N Chandrasekaran, the Chairman of Tata Sons said, “India is going to be the greatest market of all of our lifetime. This is not saying we should not focus on international markets. We will evaluate every international opportunity but India is a happening place and it is the place to be. There is tremendous opportunity and we will deploy capital in India.” Many top executives reiterated that Indian businesses should continue to focus on the domestic market to achieve a sustainable long term growth. Dominic Barton, Managing Partner of McKinsey & Company pointed out, “India provides a huge opportunity for growth considering its growing income as well as the size of the demographic,” he said.
In the same event, top banker Uday Kotak reposed faith in the country’s growth prospects saying that India can reach China’s per capita GDP, wh9ich is currently five times higher, in the next 20 years. “I think it is doable. In addition to the hard stuff, India needs to do a lot of the soft stuff,” Uday Kotak told CNBC TV18.
“If I look at China and India, in the last 20 years, India has grown at 5.5%, and our per capita GDP is at about $1,800. China is about 5 times our size. India needs to grow at about 8% per annum in per capita GDP for the next 20 years to reach China’s level. If you take a population growth of 1-1.2%, for the next 20 years we must grow at 9% to reach the current GDP of China,” Uday Kotak said, laying threadbare the hard work required to get there.
The Vice Chairman and MD of Kotak Mahindra Bank says that India must focus on improving quality of its infrastructure. “I think India has come a long way, but the road ahead is even more interesting and challenging. For a country to be a truly developed country, it’s not that the poor have cars, it’s that the rich use public transport. That’s something we must do, how do bring the level of infrastructure and its quality, and the softer aspects have really got us there.”