India stands as a beacon of growth to achieve 7% growth: Tata Sons' N Chandrasekaran at B20 Summit India 2023

N Chandrasekaran, CEO of Tata Sons and Chair, B20 India, on Friday said India is on track to achieve 7 per cent average growth in 10 years. The country is well-placed for a key role in the global value chain.

Speaking at the B20 summit, Chandrasekaran said India has many things that go in its favour.

“India has many things that go in its favour. The PM Gati Shakti, PLI schemes, reduction in corporate taxes, digital public infrastructure, startups are helping it sustain momentum among G20 countries. All of us are committed to sustainability, innovation. India's growth journey will shape the world's future,” he said on Friday.

"India is on track to achieve 7 per cent average growth in 10 years. The world is navigating through three important transitions: Digital and intelligence transition, Energy transition, and global value & supply chain transition. The country is well-placed for a key role in the global value chain. Govt sops, tax mop-up boosting India's stature in G-20," he added while addressing B20 summit in New Delhi.

He further said: "We have had about 110 policy advocacy sessions. I am delighted to say we have a very strong set of recommendations - 54 recommendations, 172 policy actions across 9 teams. On recommendations, first that came across as a theme was the concept of inclusion - of access to finance, equitable development, education. We want to see notable progress on gender diversity. We have recommended financing for global recovery, providing support to MSMEs so that they can contribute to global growth."

Mentioning the Chandrayaan-3 success and ISRO's feat during the address, Chandrasekaran said for many Indians, the landing of Chandrayaan 3 has made the moon a symbol of achievement and not just aspiration.

"The moon has been a symbol of aspiration for a long time. Today we see the moon in a different light. For many Indians, the landing of Chandrayaan3 has made the moon a symbol of achievement and not just aspiration. It shows us what we have achieved as a nation and what we are capable of achieving in the future," Chandrasekaran said.

In his speech at the B20 Summit India, 2023 in Delhi, Chandrasekaran reminded the gathering that it was a "great privilege" to address the gathering specially "during the week that India successfully soft-landed a spacecraft on the moon.

The Tata Sons CEO further declared that a B20 Global Institute will be set up in India as a knowledge base, thought leader.

"We would like to announce B20 Global Institute. Its purpose is to be an evangelist, a change agent, the knowledge base, thought leader, think tank with highly experienced people who will work with B20 nations every year. It will be a global Institute based in India. This Institute will provide continuity so that all recommendations are tracked and kept alive," said Chandrasekaran.

Chandrasekaran stated that the proposed institute will provide continuity in a bid to ensure all recommendations are tracked and kept alive.

B20 is the official G20 dialogue forum with the global business community. Established in 2010, B20 is among the most prominent engagement groups in G20 with companies and business organisations as participants. The theme for the B20 India 2023 is Responsible, Accelerated, Innovative, Sustainable, Equitable (R.A.I.S.E) Businesses.

In December 2022, Chandrasekaran was appointed the chair of B20 India and lead the business agenda by the Indian government during its G20 presidency. The Confederation of Indian Industry (CII) was appointed as the B20 India Secretariat to lead the B20 India process. CII assumed charge on December 1, 2022.

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