At the World Economic Forum Annual Meeting 2024, the Indian union ministers highlighted the noteworthy transformation of the country's economy over the past decade. Union Minister Hardeep Singh Puri declared that India has already seized the moment, citing robust GDP growth and widespread expectations for continued momentum.
"I say so because of the GDP growth we are clocking and the expectations from all quarters for a continued growth momentum," he said.
Echoing this sentiment, Cabinet colleague Ashwini Vaishnaw then emphasized the significant changes witnessed in the Indian economy during the last decade.
He pointed to substantial investments in both physical and digital infrastructure, with tangible impacts on manufacturing and overall economic activity.
"Major investments have happened in physical and digital infrastructure. That has had a huge impact on manufacturing and overall economic activity," he said.
Minister for Women and Child Development, Smriti Irani, concurred with Minister Puri's assessment, highlighting the shift from previous phases of prolonged double-digit inflation. Irani emphasized that India is currently experiencing a multi-faceted growth momentum, marking a departure from past economic challenges.
Besides, the simplification of laws and regulations has made doing business much more simpler and all global and Indian companies can vouch for that, she added.
In the same panel, James Quincey, Chairman and Chief Executive Officer, of The Coca-Cola Company, said it is India's moment and the country is already one of the biggest markets for the group.
He said the government has done amazing work in the last ten years and the only thing it can do more is further raise its targets and accelerate the things that are already working fine.
Puri, Minister for Petroleum and Natural Gas as well as Housing and Urban Affairs, said that global uncertainties of the last few years required smart navigation on the energy front and India succeeded in doing that.
"We are also well ahead of targets and India stands out on various factors including biofuel blending and green hydrogen. We have demonstrated that we can produce solar energy at a lower cost. We will do more than what have been our targets," he said.
"On the urban development front, we are building space equivalent to one Chicago every year," he said.
Asked what more India can do, Quincey said maybe India can target building 1.5 Chicagos every year.
Vaishnaw, Minister for Railways, Communications as well as Electronics and Information Technology, said another big change that has happened in India is that the growth of the Indian economy has been inclusive with those at the bottom of the pyramid brought up to the center stage.
"Focus on manufacturing is another major pillar of India's growth story in the last decade. A huge amount of simplification in laws, regulations, and compliance requirements is another major pillar," he said.
Debjani Ghosh, President of the National Association of Software and Services Companies (NASSCOM), said there is a tremendous lesson that the world can learn from India on a large is the use of technology for inclusive growth and for building a digital public Infrastructure.
"The world can benefit a lot by looking at what India is doing with technology," she said.
Ghosh also hailed the public-private partnership on skilling in India as the biggest in the world.
"The India story is that India is in the business of building businesses and also it is in the business of saving lives. That makes India's success story very distinct," Irani said.
At the same time, India can also understand a space mission at a cost less than that of a Tom Cruise movie, she added.
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