India poised to become a developed nation by 2047: ITC chief Sanjiv Puri

With transformative reforms of the past decade propelling India to global stage, it is India's moment in history, ITC Chairman Sanjiv Puri said, exuding confidence that the country will become a developed nation by 2047 on the back of strong macro fundamentals and purposeful policy interventions.

India has risen from being the 10th largest economy in the world in 2014 to the fifth largest, driven by landmark reforms like GST and an unprecedented infrastructure push.

The decade under Prime Minister Narendra Modi is hailed for landmark reforms, inflation control, financial inclusion and digitisation despite inheriting a weak economy.

"In the new world order, which is characterised by new policies on geo-economics and geo-politics, I think the world is looking towards supply chain diversification, and supply chain resilience.

"Because of the climate emergency, the world is looking at an energy transition. Digital transformation is another area that the world is going through. Food and nutrition security are becoming global concerns. Now in all of these areas, I think India can play a pivotal role because India has the talent, India has the skill," he told PTI in an interview.

Under Modi, India is poised to become a 21st-century economic powerhouse. With the country enjoying healthy relations with most major economies at a time when ties between Beijing and the West are becoming increasingly frayed, India offers investors and manufacturers looking to reduce supply chain risks an alternative to China.

"So these are huge opportunities for India. So I think it is a great time for India. It's India's moment in history and I think the future of India holds lots of promise," Puri said.

India is predicted to become the third-largest economy by FY28, overtaking both Japan and Germany, with its GDP crossing the USD 5 trillion mark.

On the recent slowdown in the economy, Puri said the journey of economic transformation is never linear.

"I think India is in a very good spot. The macros are very good and it is so because of purposeful policy interventions, most of them over several years taken by the government at the Centre and some of the states also," he said.

India, he said, has the requisite natural resources.

The country's focus on strategic sunrise sectors like energy transition is pivoting it to an economic superpower, he said.

Asked about India becoming a developed nation by 2047, Puri said "it is very much achievable."  "Of course, we all have to collectively work for it, civil society or private enterprises or policymakers, because it's a combination of innovation, technology, it's also a combination of policy reforms. Everybody has to work together," he added.

While most advanced economies are facing an economic slowdown, chronic shortages, high inflation, and aging populations, the Indian economy is acknowledged to be the fastest-growing large economy by major multilateral organizations, including the IMF.