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India needs to accelerate change, says Claude Smadja

Double-digit growth plausible, says Goyal

Minister Goyal.

India needs to accelerate the move from commodity-based to higher value production economy, increased pace of digitization and have strong private sector participation in utilities for double-digit economic growth, said Claude Smadja, Founder and Chairman, Smadja & Smadja.

The former managing director for World Economic Forum suggested these three essential requirements for India to satisfy to score double-digit growth at the 6th Annual Growth Net Summit jointly organized by the Confederation of Indian Industry, Ananta Centre and Smadja & Smadja in New Delhi on 18 June 2018.

His call followed Finance Minister Piyush Goyal’s projection that India may be poised to achieve double-digit economic growth by the fourth quarter of this year.

There was a demand uptick in the economy and the goal of achieving double-digit growth by the fourth quarter of the year is plausible, he said at the summit.

Highlighting the ongoing developments, Goyal said the government is simultaneously dealing with the third imperative of engaging with modern technology such as Artificial Intelligence and Robotics.

In an era of rapid technological transformation, with the emergence of automation, big data and AI, it is critical to address the most compelling challenges in the economy, added Harshvardhan Neotia, Chairman, Steering Committee, The Growth Net Summit and Chairman, Ambuja Neotia Group.

With India emerging as the fastest growing large economy in the world, India’s role as an economic power has increased, he said.

While the Government has addressed both domestic and global challenges of the economy, it was important for the Government to pass on the costs that they incur in the development process, said Jamshyd Godrej, Chairman, Godrej and Boyce Manufacturing Co Ltd & Chairman, Ananta Centre.

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