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BUSINESS EYE DECEMBER 16, 2022 | The Indian Eye 37

Despite fears of global recession, why

India Inc is confident of India growth

During a discussion at CII, Uday Kotak mentions that the interest rate trajectory in India would
depend more on the signals provided by the US Fed

OUR BUREAU
New Delhi/Mumbai
espite the global recession,
India is emerging as a beacon
Dof hope, according to a CXO
survey by Benori Knowledge, a new-
age provider of custom research and
analytics solutions. Indian CXOs are
overwhelmingly confident about the
state of the national economy in 2023.
Industry leaders optimistic of
growth in 2023 with automotive & in-
dustrial manufacturing and pharma-
ceuticals sectors being the most opti-
mistic 84 per cent of CXOs confirm
their optimism towards growth with
leaders from the automotive and in-
dustrial manufacturing (77 per cent)
and pharmaceuticals (85 per cent) in-
dustries being the most hopeful. This
aligns with the growth the automotive
and manufacturing industry has ex-
perienced in 2022, driven by multiple
factors like increasing FDI inflow (hit Some business leaders believe that India must move fast to emerge from a factor-driven economy to an innovation-led economy (File photo)
USD 21.34 billion mark in FY 2022),
EV growth, lower labor costs and
improving infrastructure and govern- comparison, getting better on the two strong financial sector to support the from a factor-driven economy to an
ment initiatives, among others. profit and loss accounts namely cur- real economy, augmenting education innovation-led economy. Stressing
Increasing interest from foreign rent account and fiscal management.” and healthcare expenditure to build the primacy of innovation in manufac-
entities to outsource the production To develop world-class Indian com- people capacity, and expanding the turing, he said that there are pockets
of medication in India has the phar- panies, Kotak stressed the need to share of manufacturing by expanding of opportunities in select areas such
ma industry poised to achieve signifi- build scale in manufacturing based on the PLI in labor-intensive areas which as railways which India is leveraging
cant growth going forward. cutting-edge product innovation and would accelerate our journey towards to move ahead. We should change
Meanwhile, highlighting the developing IP rights rather than de- a USD 40 trillion economies. He also from traditionally being a country of
country’s potential to further pending on arbitrage alone to secure referred to coordination between the traders to that of manufacturers like
strengthen its economy, Kotak Ma- an advantage. Centre and States for building a con- in China for which we require invest-
hindra Bank MD and CEO Uday During the discussion, Kotak sensus on policies. ment and capital.
Kotak on Thursday said India’s rise also mentioned, as an aside, that the Sanjiv Puri, Vice President, CII Leaders from India Inc. say that
would depend on its performance in interest rate trajectory in India would and Chairman and MD, ITC Ltd despite the impending global reces-
absolute GDP and absolute per capi- depend more on the signals provided lauded the transformative policy sion, they intend to scale their digital
ta income, current account and fiscal by the US Fed. initiatives such as Gentisate and in- transformation budgets in the upcom-
management. While articulating his views, frastructure investment to transform ing year, with 42 per cent of leaders
Speaking at the Confederation Sanjiv Bajaj, President, CII said that the economy. The policy initiatives, highlighting the integration of emerg-
of Indian Industry (CII) Global Eco- “Credit needs to be given to the gov- going forward, should play to India’s ing technologies as one of the major
nomic Policy Summit 2022, Kotak ernment for continuous and consis- strengths in human resources for themes for 2023.
said, “The Indian economy today, tent investment from their side in growth to be resilient, sustainable, Regarding talent management,
with a size of about USD 3.2 trillion public infrastructure, which has really and inclusive. For example, services finding the right talent represents
and the fifth largest in the world, pres- helped us over the last few years.” have the potential to lead our devel- the biggest challenge (62 per cent)
ents significant potential and opportu- While the aspect of developing opment journey. Similarly, raising and leaders expect skill gaps in the
nities to move up the ladder to be top new manufacturing capacities holds agriculture incomes, and adapting workforce to widen in 2023. Moon-
among three in the world. Its realiza- promise, its realization would de- agriculture value chains to extreme lighting, which has recently been
tion would depend essentially on four pend on the execution of policies, climate conditions needs a priority. highlighted as a concern for remote
metrics - our economic performance stated Bajaj. He further alluded to Baba Kalyani, Chairman and and hybrid businesses, was only
in terms of absolute GDP, absolute four broad areas--namely aligning MD, Bharat Forge Ltd, mentioned seen as a worrying phenomenon by
per capita income instead of the PPP industry and trade policies, building a that India must move fast to emerge 20 per cent of leaders.

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