India's growth story among the few 'constants' in changing world: K M Birla

In his annual note, Birla reflected on changing global power equations, trade tensions, India's economic rise, and the Aditya Birla Group's expansion

Aditya Birla Group Chairman Kumar Mangalam Birla said India’s steady growth stands out as a rare constant in an uncertain world, even as global politics, trade rules and alliances continue to shift rapidly.

 

In an Annual Reflections note, Birla said, "In an otherwise unsettled world, India’s growth has emerged as one of the few durable constants."

 

This is the seventh edition of the Annual Reflections note. Birla said the note has become a personal marker of time and described it as "a disciplined pause to take stock of the world, my work, and my own evolving convictions."

 

In what he called a "balance sheet of mind", Birla reflected on changing global power equations, trade tensions, India’s economic rise, the Aditya Birla Group’s expansion, and lessons from long-term business building.

World order is changing

Birla noted that global politics is no longer driven by fixed rules but by negotiations and deals. "We now operate in a geopolitical marketplace," he said, adding that today’s energy partners may not be technology allies, and current friends may not share the same priorities in the future.

 

He said this has made decision-making more complex, with fewer predictable choices for countries and businesses alike.

India’s growth remains steady

Against global uncertainty, Birla said India’s economic momentum remains strong and consistent. He said India’s growth is powered by population strength, expanding infrastructure, formalisation of the economy, and rising ambition. In a world driven by deals and scale, India offers size, credibility and continuity, he said.

 

Birla said the Aditya Birla Group has grown alongside India, not as a passive beneficiary but as an active contributor. "Our compact has always been to grow in step with the nation we serve," he said.

 

Citing an example, he said, as demand for building materials rose, UltraTech Cement expanded its capacity from 60 million tonnes a decade ago to over 190 million tonnes today. Birla said this made UltraTech the largest cement company by sales volume globally, outside China.

 

Noting that lending to micro, small, and medium enterprises (MSMEs) has tripled in the last 10 years, Birla said that the Group’s NBFC loan book expanded from around ₹17,000 crore to nearly ₹1.5 trillion during the same period.

'India deserves a successful Vodafone Idea'

Birla described telecom as one of the most volatile sectors over the past two decades. Vodafone Idea, the Group’s joint venture, faced prolonged uncertainty due to regulatory and financial stress. He said the resolution of the Adjusted Gross Revenue (AGR) issue marked a turning point.

 

Vodafone Idea has been given a 10-year pause on paying its AGR dues by the Department of Telecommunications. Its total dues of around ₹87,695 crore have been put on hold until 2035.

 

"For the first time in years, the fog has cleared," he said, allowing the company to focus on growth instead of survival. "India deserves three private telecom players. India deserves a successful Vodafone Idea," he said.

'Strategy must evolve with changing conditions'

Birla noted that 2025 marked 30 years of his journey as Chairman of the Aditya Birla Group. He said modern business leaders must operate without certainty and accept that outcomes cannot always be predicted. "In the end, strategy does not sit above the business. It emerges from it," he said.

 

Birla added that long-term goodwill, patient capital building, and the ability to question assumptions are key to surviving and growing in an increasingly unpredictable world.