- Wednesday, November 27, 2024
By: Shubham Ghosh
A number of leaders of the Confederation of Indian Industry (CII) are ecstatic about India’s economic future.
Sanjiv Bajaj, the president of the CII, feels that India has a golden opportunity to grow by eight to 10 per cent in the next 20 years if it builds robust financial institutions at home.
In an interview with CNBC-TV18, Bajaj, chairman and managing director of Bajaj Finserv, said, “India has a golden opportunity over the next 10-20 years to grow between 8-10 percent as an economy. However in order to achieve that we need to continue to focus on building a solid set of domestic financial institutions.”
Chandrajit Banerjee, director general of the CII, said Indian prime minister Narendra Modi has set the aspirational mood in the country to achieve the targets.
“Prime Minister has clearly set the aspirational mood in India with the targets that we need to look at. There would always be an unfinished agenda which need to be done in the next 25 years to enable us to achieve all of that,” he told the news channel.
According to Banerjee, India needs faster reforms in areas such as land, labour and power and focus on sectors like AI, technology for the future.
“India still needs faster market reforms like land, labour, power reforms – progress has been made but we need to see implementation in the states. Education and health are very important for us to get a place on the high table. A tremendous amount of focus is required on agriculture,” he said.
Sanjiv Puri, vice president of CII, chairman and managing director of ITC said India has huge opportunity in the agriculture sector and added that corporates must enter it to bring transformation via digitization.
“According to estimates, by 2050 world food production has to go up by 59-98 percent and this has to be done in a situation where natural resources are depleting. India has got the largest arable land and therefore there is a huge opportunity for us to improve productivity and quality. So corporates need to enter the agri sector to digitise and bring the power of technology to agriculture,” he said.
