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This Is Era Of Disruption, Chaos; Scope Of Future Is Bright: Experts
India's gross domestic product (GDP) grew by 7.2 per cent in FY2022-23 against a 9.1 per cent expansion in the previous fiscal
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While talking about India's growth, industry experts have said that this is an era of disruption and chaos and businesses in the country will thrive in the future. In a panel session at the 118th annual session 2023 of the PHD Chamber of Commerce and Industry (PHDCCI), experts noted that India is currently looking at growth despite the economic slowdown.
India's gross domestic product (GDP) grew by 7.2 per cent in FY2022-23 against a 9.1 per cent expansion in the previous fiscal, according to the government data. The Asian Development Bank (ADB) projected growth in India’s GDP to moderate to 6.4 per cent in fiscal year (FY) 2023 ending on 31 March 2024 and rise to 6.7per cent in FY2024, driven by private consumption and private investment on the back of government policies to improve transport infrastructure, logistics and the business ecosystem.
Speaking on Building Future Businesses, Devansh Jain, Executive Director, INOXGFL Group, gave insights on the strategies for futuristic and future-ready businesses. He emphasised the pivotal role of renewable energy sources in shaping a sustainable future.
INOXGFL Group's Jain highlighted the importance of technology utilisation as a cornerstone for future success. He urged businesses to integrate technology seamlessly into their operations while maintaining a strong commitment to sustainability.
Deepak Jain, Chairman and Managing Director, Lumax Industries shared his vision for leading companies into the future. He stated that the automotive industry is a major contributor to the gross national product and highlighted the industry's unwavering commitment to a comprehensive shift towards electric vehicles.
Lumax Industries' Jain shed light on the dynamic landscape of the automotive sector and its determination to embrace electric mobility.
Pushp Jain, Deputy Managing Director, KLJ Plasticizers gave his insights on the dynamics of future-proofing businesses in a competitive landscape. He emphasised the forthcoming innovations in the plastics industry that promise to mitigate environmental impact, making plastics more eco-friendly.
The Deputy MD highlighted the vast growth opportunities on the horizon.
Riju Jhunjhunwala, Chairman, Managing Director, RSWM shared his views on building businesses that thrive in the future. He talked about the immense potential of the textile industry. He also highlighted India's abundant and cost-effective labour force, making the nation an attractive hub for labour-intensive industries like textiles.
Notably, as the largest cultivator of cotton globally, India's textile industry has significant room for growth. Furthermore, Jhunjhunwala acknowledged the government's substantial support for the man-made fibre sector.