Listen to this article
India is said to be one of the fastest growing economies in the world. Elaborating on this, Hardick Bora, Co-Head – Equity, Union MF referred to the Indian economy as an elephant and said, “The elephant will not only march but will also dance to the tune of ‘Naatu Naatu’ song.”
He added, “In the last 15 years, India has been amongst the top ten fastest growing economies and will continue to be one of the fastest growing nations in years to come.”
Notably, he also addressed the three key questions that are on the minds of many.
How has India’s growth story been so far?
From an average contribution of $ 814 per person to India’s GDP in 2006, the contribution jumped to $ 2,280 per person in 2021. Notably, other key data points also report an uptrend trend.
Is this a strong enough growth?
While the economy displays strong growth, it is not strong enough when compared to the top ten nations of the world.
For instance, the average GDP contribution per person in the top 10 nations is $ 43,037 as against $ 2,280 in India. Likewise, the top 10 nations have performed better on other parameters as well.
What will make India’s growth stronger?
Private consumption drives over 50% of the total GDP. As consumption increases, it pushes growth. For instance, with an increase in demand for cars, air travel, electricity and other consumption, the respective industries are likely to boost their production and in turn contribute more to the total GDP.
Here’s a teaser of Hardick Bora's session. Interestingly, you can watch the entire video along with other Cafemutual Ideas Fest 2023 sessions for Rs. 499 only. Simply write at fouzia@cafemutual.com and learn how you can accelerate your business growth.
