Sanjay Dalmia Predicts An Upward Trajectory In India’s Global Stature

India is flourishing on various levels, and enhancing its global stature. Ace entrepreneur Sanjay Dalmia believes that the country certainly has high growth prospects in the upcoming years. He seconds the views of Finance Minister Arun Jaitley — the structural changes by the government and a turnaround in the global economy are likely to entail a reasonably high level growth in India in the next decade or two.

In an event organized by the US-India Strategic and Partnership Forum, Mr Jaitley focused on the major changes brought into the environment of doing business in the last few months.

"India has the potential to grow at a reasonably high level in the next one-two decades. This is mainly because of the series of structural reforms being carried out by the government, turnaround in the global economy, and the massive investment opportunity that the infrastructure sector offers," said Mr Jaitley.

He further added, "I am certain that now that the growth is returning back to the world, the future holds an important direction as far as India is concerned. The sheer size of the country and economy Arun Jaitley.
 

 would offer huge opportunity for investment in India in the next few years."

Addressing a gathering of investors and corporate leaders, Mr Jaitley said, “When the BJP government came to power in 2014, it had the choice to look the other way, and allow the shadow economy to continue. But it did not do so, as it took a series of courageous steps which ultimately culminated in demonetisation of high-value currency. The government knew that there would be short-term impact on the economy. However, in the long term, it would benefit the country."

According to Sanjay Dalmia, the revolutionary steps taken by the government for ensuring the ease of doing business, have established India as an investor-friendly destination.

“Various revolutionary steps like Prime Minister Narendra Modi’s move of demonetization that dominated India’s economic landscape since the past few months, have helped in elevating the country’s economic stance significantly”, said Mr Dalmia.

Also, Sanjay Dalmia reckons the Goods and Services Tax (GST) as a robust move to eliminate the haphazard tax structure plaguing India at present.

“It is likely to establish a mechanism for making the existing system of taxation more organized and efficient,” he said.

Arun Jaitley spoke on the lines of Sanjay Dalmia’s outlook of the country, which is well-reflected from his words. "India today is one of the most open, globally integrated economies. In the last few years, we are moving up the ease of doing business ranking," he said.

“Among these are the "massive steps" that the Indian government has taken in using new digital technologies for governance and making them beneficial to the people. Today, almost everyone is connected to the banking system. Almost every adult in India has biometric. The integrated data has helped the government to reach every citizen on digital platform. This has helped us save billions of dollars as India is now using technology "in a big way" in order to ensure that the resources reach the intended population,” said Mr Jaitely.

Certainly, the prediction and reasoning of Sanjay Dalmia holds a mirror to an impending upward trajectory in India’s global stature.