India is a fantastic story from wealth creation perspective, says high powered CEO panel

India’s narrative is truly compelling when viewed through the lens of wealth creation. The high-powered panel of CEOs, deliberating on ‘The Secret Sauce of Wealth Creation’ at the Business Today 500 Wealth Creator Summit in Mumbai on Wednesday, shared insightful perspectives. Among these, they highlighted that the coming decade will witness a significant surge in wealth creation.

Today, the number of fleets in India is rapidly increasing due to a progressive advancement in the country’s infrastructure. Observing this growth over time, it becomes apparent that people are beginning to adopt a more sensible approach to borrowing, according to Ramesh Iyer, Vice Chairman and Managing Director of Mahindra Finance.

Iyer acknowledges that the rate of first-time buyers or borrowers of vehicles is not diminishing but rather continues to grow. 

In the meantime, companies are diversifying their operations to adapt to the rapidly changing market trends and demands. For instance, Honeywell India is into different businesses ranging from aerospace technology, automation and energy transition. Ashish M. Gaikwad, VP-GM, HPS & UOP, Honeywell India, clearly stated that the primary focus of the company has always been to establish Honeywell as a local company in India instead of being an entity with a global reputation. Their unique strategy is centred on creating significant value through localisation rather than merely capitalising on the economically favourable labour cost arbitrage.

Adding to this narrative, Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, emphasised the immense potential that India presents for wealth creation. According to him, the next decade will witness unprecedented wealth generation from four categories: family businesses, professionals, start-up entrepreneurs, and capital providers.

Interestingly, the manufacturing sector has been the largest contributor to India's wealth creation saga this year.  In an encouraging note, Junaid stated that the list of start-up founders has now crossed the 100 mark, with the youngest being just 19 years old.

How different India manufacturing story? “We compare ourselves with already developed countries. But we need to take into account the time it took them. Considering that we are good. If I have to pick one factor, we are good at adapting and quickly scaling up. We have been extremely good at backward integration,” said Gaikwad.

Also Read: BT500 Wealth Creators Summit: Hurun India founder lists 4 categories that will create most wealth in 10 yrs