India at 75 and at 100 – The Journey Ahead
FinTech BizNews Service
Mumbai, December 12, 2024 – The Lalit Doshi Memorial Foundation hosted its final and 30th Lalit Doshi Memorial Lecture on December 12, 2024, at the Y. B. Chavan Centre in Mumbai. The event featured an insightful conversation between Mr. K. V. Kamath, Chairman of Jio Financial Services Ltd and former Chairman of ICICI Bank, and Ms. Shereen Bhan, Managing Editor of CNBC TV18. The central theme, "India at 75 and at 100 – The Journey Ahead," served as a springboard for a discourse that traced India’s transformation since the early 1990s and envisioned its prospects through 2047.
Drawing upon his extensive experience in the financial and corporate sectors, Mr. Kamath delivered a nuanced narrative of India’s economic evolution. He began by recounting the reforms and restructuring that began in the early 1990s, noting how liberalisation, technological openness, and the growth of infrastructure propelled India into a period of sustained economic acceleration, particularly through the early 2000s. He reflected on phases of rapid progress as well as challenges—ranging from environmental and regulatory constraints to market slowdowns—that temporarily stalled India’s advance.
Looking ahead, Mr. Kamath outlined the strategic pillars that could define India’s next 25 years:
· Infrastructure Expansion: Building upon the initial infrastructure thrust initiated in the early 2000s, Mr. Kamath emphasized the need to scale up investments in roads, ports, telecommunications, and energy, including cost-effective renewable sources like solar power. Such advancement, he suggested, would provide a stable foundation for broader economic growth.
· Manufacturing and Industrial Growth: He encouraged a strong emphasis on boosting manufacturing competitiveness, thereby enabling India to climb the value chain, create jobs, and become a key hub in global supply networks.
· Technological Leaps and Digital India: From the advent of mobile telephony in the late 1990s to the emergence of a robust fintech ecosystem, Mr. Kamath highlighted how technology and digital platforms have become indispensable growth drivers. He projected that over the next decade and beyond, digital innovations could add at least 2% incremental growth to India’s GDP, setting the stage for double-digit expansion.
· Social Inclusion and Rural-Urban Integration: A cornerstone of future progress, according to Mr. Kamath, will be ensuring that rural India shares in the prosperity. Bridging the rural-urban divide by leveraging technology, improving access to credit, and enhancing supply chains will foster inclusive development and equitable growth.
In addition to these pillars, Mr. Kamath expressed confidence that the strength of India’s currency will be more pronounced over the next 25 years, supported by prudent fiscal and monetary policies. He anticipated interest rates settling at the lower end of the range and inflation remaining well within control. As India’s global importance escalates, its financial muscle—reflected in stable currency, controlled inflation, and a dynamic economy—will grant it more influence on the world stage.
The event was attended by distinguished industry leaders, including Mr. Uday Kotak, Mr. Deepak Parekh, Ambassador Mr. Vijay Nambiar, Dr Ashok Ganguli, Mr. Nadir Godrej and Mr. Anand Mahindra to name a few.
Commenting on the discussion, Mr. Bharat Doshi, Trustee of the Lalit Doshi Memorial Foundation, remarked, “This year’s lecture captured a transformative vision for the future. It aligns with Shri Lalit Doshi’s spirit of encouraging dialogues that inspire actionable ideas. We hope these reflections will guide India’s policymakers, business leaders, and citizens as we collectively chart our path toward a fully developed nation.”
