The India Story: On the Path to a $7 Trillion Economy - Opening Address
Delivered at the Singapore FinTech Festival, K.V. Kamath of Jio Financial Services Limited, shared an inspiring vision for the country’s transformation into a $25 trillion economy over the next 25 years.
Key Highlights
1. India’s Foundations for GrowthEconomic Resilience Post-COVID:
- India emerged stronger post-COVID, with companies leveraging process change and automation to achieve 100% capacity with a reduced workforce.
- Twin Balance Sheet Problem resolved: Corporates deleveraged, and banks regained financial health, creating space for expansion.
Demographics & Productivity:
- Population: Over 1.4 billion, with a young and tech-savvy workforce.
- Productivity: Significant gains in corporate efficiency and profitability post-COVID, paving the way for sustained economic growth.
Infrastructure Development:
- Continuous investment in urbanisation, modernisation, and green energy projects ensures long-term opportunities.
- Focus on sustainable and clean technologies aligns with global climate goals.
Digital Transformation:
- The Unified Payments Interface (UPI) catalysed a digital supercycle, expanding access across demographics.
- Digital economy currently at ~10% of GDP, with potential to grow to 30–35%.
Startup Ecosystem:
- Over 100,000 startups, including FinTech and AI-driven ventures, contributing to innovation and job creation.
- Rapid funding availability ensures sustained growth in tech-driven sectors.
3. Challenges to Address
Skill Development:
- Need for reskilling and upskilling as technology disrupts traditional industries.
- Preparing leadership to adapt to a world of continuous disruption.
Bridging Digital Divide:
- Ensuring universal access to digital tools and infrastructure across urban and rural areas.
Policy Evolution:
- Accelerating regulatory reforms to enable seamless adoption of emerging technologies like AI, blockchain, and green tech.
Skilling & Education:
- Programmes to democratise access to education and skill-building in AI, deep tech, and digital tools.
- Focus on intelligence as infrastructure, leveraging India's massive data and people resources.
Startup-Driven Policies:
- Incentives for patent commercialisation and innovation.
- Policies fostering ease of doing business for tech startups, especially in FinTech, green energy, and digital payments.
Digital Economy Roadmap:
- AI and digital platforms positioned as transformative tools to reduce cost barriers and enhance inclusivity.
- Public-private partnerships supporting large-scale tech infrastructure deployment.
AI and Emerging Tech:
- AI-powered platforms disrupting industries and reducing inefficiencies across sectors.
- Emphasis on green and sustainable solutions, integrating clean tech into development plans.
Startup Enablement:
- Platforms providing access to underutilised resources (labs, data, and equipment) for innovation.
- Government-backed funds investing in underrepresented entrepreneurs and impact-driven startups.
Digital Leadership:
- India's rise as a global FinTech powerhouse, led by the success of UPI and innovations in digital payments.
- Emergence of unicorns across SaaS, AI, and deep tech sectors, such as Zoho and Freshworks.
Green Growth:
- Leadership in EV manufacturing, solar energy, and sustainable urban development, creating global benchmarks.
Vision for the Future
India aspires to:
- Build a $25 trillion economy by 2047, powered by innovation and inclusion.
- Scale its digital economy and tech-driven solutions to enable double-digit GDP growth.
- Strengthen its position as a leader in green energy, AI, and digital ecosystems.
India’s transformative growth story is driven by technology, sustainability, and human capital, setting the stage for a thriving global economy. The vision for the next 25 years combines relentless innovation with inclusive development, creating a resilient and prosperous future for billions.
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Speaker:
- K. V. Kamath (speaking virtually), Chairman of the Board of Directors, Jio Financial Services Limited