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Press Release

Inclusive growth essential for India to take centre stage: Dr Anish Shah, Vice President, FICCI and MD & CEO, Mahindra & Mahindra Ltd

Dec 16, 2022

NEW DELHI, 16 December 2022: Speaking at the FICCI's 95th Annual Convention & AGM on the theme 'India's Century - Achieving Sustainable, Inclusive Growth: A Roadmap for India Inc.', Dr Anish Shah, Vice President, FICCI & Managing Director & CEO, Mahindra & Mahindra Ltd shared his perspective on the growth enablers that would take India from the periphery to centre stage. "Collaboration across businesses, innovation and change in mindset should be the priorities for the country going forward. Inclusive growth must be the central theme all along for every company. When purpose drives profits, focus on inclusiveness follows naturally," he said.

Referring to the burgeoning growth prospects of India in the future, Mr Hitendra Dave, Co-Chairman, FICCI Banking Committee & Chief Executive Officer, HSBC India said, "The next 25 years is for us to use or lose. This is the time for industry to go bold and tap into the opportunities that India provides".

He further said, "The ecosystem for assessing credit risk for MSMEs has dramatically changed in the recent past and is evolving rapidly. Unlike in the past when lenders did not know how to assess credit risk, MSME credit landscape has transformed today due to availability of data; possible only due to digitisation."

Mr Ankur Gupta, Managing Partner, Head of India, Head of Real Estate India & Middle East, Brookfield Asset Management representing one of the largest global investors in India emphasized the optimism with which the investment opportunities in India are viewed. "Many positive policy measures have been undertaken so far such as introduction of hybrid debt securities, reforms in capital markets and so on," he added. Underlining the need for greater capital flows to achieve higher growth rates, he hoped for an early implementation of the Government's DESH Bill. He also highlighted that with the changes being brought about through the National Logistics Policy, India's warehousing sector presents a huge opportunity going forward. Some other key areas of focus could be land reforms and developing sub-urban centres of growth, he added.

Mr Vipul Tuli, Chairman, FICCI Power Committee & CEO - South Asia, Sembcorp Industries asserted that India is positioned uniquely from the perspective of global energy transition. Presenting suggestions to accelerate growth, he mentioned that India needs to position itself as a leading green manufacturer in the world. He went on to suggest that India can become the global leader in green hydrogen with necessary policy support. Other growth imperatives are a reduction in the cost of capital and an increase in its availability as well as adequate support to the supply chain.

Mr Alok Kshirsagar, Senior Partner, McKinsey & Company made a detailed presentation on India's Century Report, a joint initiative of FICCI and McKinsey to set the vision for India@2047 and summarized four key areas that this initiative will drive, i.e., innovation clusters, scaling up MSMEs, large scale digital skilling and capital market reforms.

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