The unmet aspirations of the people will provide the momentum to grow at double digit rates, he said.
Banker and former president of the New Development Bank of BRICS countries KV Kamath said on Friday that India would see a double digit growth between this financial year and the next.
A greater clarity would emerge in a month, he said. “The second quarter numbers will indicate where we are going to be,” Kamath said. “Companies took a hit during Q1 this fiscal but there is visible improvement during Q2,” Kamath said.
The economy is back to around 80% to 90% of the pre-Covid levels, barring a few sectors that continue to be under stress, the numbers are not as bad as it was expected to be, he said. India will benefit from the impact of deglobalisation and a large domestic market, Kamath said at the annual meet of the Mahratta Chamber of Commerce, Industries and Agriculture, Pune. The unmet aspirations of the people will provide the momentum to grow at double digit rates, he said.
According to Kamath, the growth drivers would be different and would rely on the new economy as well as the digital backbone, and India is fully geared to leverage digital technologies, platforms and business to kickstart the growth engine.
Naushad Forbes, co-chairman, Forbes Marshall, suggested that inclusion of the 600 million of the country’s population into the consuming class would help the country grow for the next 30 years. At present, a quarter of the population consumes a variety of consumer goods and another quarter consumes some of the goods while the rest are too poor and cannot afford to buy. Improving primary education, getting more women into the workforce in the country and achieving a balance between flexibility and protection in labour laws would lead to a more inclusive development, Forbes suggested. Participation of women in the workforce in India declined to 27% from 35% in the last decade and increasing their numbers in the workforce would make the country richer, he said.