At the 7th edition of the two-day Economic Times Global Business Summit 2023 held on February 17 and 18, in New Delhi, Bob Moritz global chairman of PwC speaking on “India’s Decade” said, “You should not be thinking about India as the emerging market, India is the leading market…India is already an economic powerhouse achieving one of the highest growth rates in the past few decades.”
India has the opportunity to become the focus of the world in the next decade with 1.7 billion people and a $10-trillion economy contributing 10% of the world’s GDP. The country can also play a leading role in global technology innovation, particularly in the social sector, backed by “its young digitally savvy population”, he said.
Despite signs of an economic slowdown, continuing high inflation, the ripple effects of the war in Ukraine and interest rates, the outlook for India has never been better, and India is expected to grow at the fastest levels this year, Moritz noted. “And if it is able to sustain that, it actually does capture this next decade.”
India will see a huge demographic dividend, creating “one of the greatest economic opportunities,” the PwC chief projected. “Speedy economic growth commensurate with millions of people entering the labor force and, as a result, enabling their own consumption at a higher level, thereby enabling economic growth… (and) continuing the cycle for economic development,” he added.
Moritz also highlighted the need to continue the country’s thrust on infrastructure development and ease of doing business to attract foreign and private investments.
