Despite global obstacles, India is positioned to be the world’s fastest-growing major economy and a driver of global growth, according to Aditya Birla Group Chairman, Kumar Mangalam Birla.
On the strength of a swift and comprehensive implementation of the vaccination programme, the economic activity in India has seen a quick comeback to pre-pandemic levels, Birla stated in the most recent annual report of UltraTech Cement Ltd.
India’s exports are exhibiting a strong buoyancy, and economic sentiment has been supported by a robust pipeline of infrastructure projects as well as the government’s pragmatic policies, such as the production-linked incentives schemes, said Mangalam.
Recent strong rises in inflation, notably in food and gasoline prices, have been felt in many economies, pushing their inflation rates to multi-decade highs. In order to combat rising prices, central banks have been obliged to raise interest rates dramatically, added Mangalam.
India has new potential due to the vibrancy of its digital ecosystem, the diversification of global supply chains away from China, and the greater emphasis of investors on sustainable finance offer new opportunities for India.
“A strong digital ecosystem, fiscal and monetary policy and various government schemes helped small and medium enterprises and the worst affected sections of the population to survive while reviving demand and bringing the economy back on track,” he added.
