In spite of the negative sentiments prevailing in major economies and the spiralling effects of the COVID-19 pandemic on societies and livelihood, India is emerging as a clear winner. With its vast young population, growing aspirations among consumers and better economic policies India could well be owning the current century, said Praveer Sinha, MD & CEO, Tata Power.
Sinha, who was speaking to Business Today TV’s managing editor Siddharth Zarabi at the Business Today MindRush 2023, stressed upon the importance of resilience that has been exerted by the Indians throughout the pandemic - one of the worst crisis the world has witnessed in 100 years.
“This is India’s decade, possibly India’s century too. We have a huge population and a great workforce and consumers. This is an aspiring nation, in which the young Indians are watching the world very closely and the opportunities that we have missed out (in the past),” he said at BT MindRush event today, adding: “The COVID pandemic has shown us, how we can comeback very quickly. Indians went through a very tough time but the resilience that has been demonstrated by Indians really shows that Indians can do anything. That’s the level of adaptability of Indian people.”
While most leading economies are witnessing a slowdown in business activities and are facing the risks of a recession in 2023, India remains a bright spot with no signs of a deceleration. Rather, it is moving towards speedier growth phase.
According to Sinha, India is not only the fastest growing economy now, but it may also soon be growing its GDP (gross domestic product) at above 10 per cent per year.
“India is one of the fastest growing economy and the fifth largest economy. While by purchasing power parity, India is the third largest economy in the world. All the right things are happening in India, in spite of the Ukraine crises, we are mostly immune. The government has been very proactive in handling the crises and limiting its effect on the economy,” said Sinha.
“A 6-7 per cent annual GDP growth is a given thing for us. Rather the aspiration is to grow by double digits. I am optimistic that the changes that are being effected, we will definitely achieve the same sooner than later. In spite of being a 108 year old company we are very young at heart, particularly in terms of the role we want to play in India’s progress,” he added.