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 Growth

Economic 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.

 

2. Key Growth Drivers

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.

 

4. Strategic Government Initiatives

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.

 

5. Resource Optimisation & Sustainability

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.

 

6. Success Stories

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.

 

Watch Full Session

 

 

Speaker:

  • K. V. Kamath (speaking virtually), Chairman of the Board of Directors, Jio Financial Services Limited
 
 

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