Mumbai,
December 16, 2024:
Bombay Chamber of Commerce & Industry, India’s oldest industry Chamber
celebrated its 189th Foundation Day recently. Industrialist Kumar
Mangalam Birla, Chairman of the Aditya Birla Group who was the Chief Guest on
the occasion shared his vision on India’s Viksit Bharat journey and stated that
there are four fundamental aspects that will drive India’s Viksit Bharat
journey: Business, Innovation, Talent and Sustainability (BITS).
Speaking
at the Chamber’s 189th Foundation Day, he said, “These four pillars will shape
India’s future as a global leader. For Business, the government has done
its bit by creating the enabling ecosystem and it is now for the businesses to
drive growth forward. The large Indian companies of tomorrow will emerge from
the entrepreneurs of today. In Innovation, India has demonstrated
the power of public digital goods like Anna Yojana Scheme, Housing for All, etc.
The need of the hour is to leverage tech across all sectors. As for Talent,
globally Indians are creating or leading the biggest companies. India’s
workforce is shifting from agriculture to more productive sectors. Industry 4.0
needs to adopt AI, ML, IoT and needs concerted efforts in education and
skilling. In Sustainability, economic growth and social equity need to
advance in sync.”
He
commended the vast history of the Chamber in promoting the Mumbai region and serving
as an effective vehicle between industry and the government. He added, “Viksit
Bharat by 2047 is an inspiring vision and the Chamber’s mission statement
captures this vision. Ten years ago, India was the 11th largest economy in the
world. Today, we are the fifth and on the way to beating Japan to become the fourth
largest economy. By 2030, 80% of households in India will enter the middle income
group, up from the current 50%. This is the largest national development effort
any economy has made. Initiatives like Aadhaar, Jan Dhaan, UPI have brought in
financial inclusion. Urbanisation is on the rise, every minute 30 people are
moving from the villages to the cities. By the next decade, 25% of the incremental
global workforce will come from India - this will power Viksit Bharat.” He said
18-year-old chess grandmaster D Gukesh's recent historic win is emblematic of
the rise of a new India, which is young and self-assured.
On
the same occasion, Bombay Chamber of Commerce & Industry unveiled its
much-anticipated report on Viksit Bharat @ 2047 setting the stage for India’s
vision of development over the next two decades.
The
report which was commissioned to Artha India Research Advisors, was unveiled by
Pinky Mehta, President of Bombay Chamber & CFO, Aditya Birla Capital Ltd., alongwith
key industry leaders including Sudhanshu Vats, Vice President, Bombay Chamber
& Managing Director Designate, Pidilite Industries Ltd.; Sudhir Kapadia,
Senior Advisor, EY India; Dr. Sachchidanand Shukla, Chairman, EPR&D
Committee, Bombay Chamber & Group Chief Economist, L&T, Dr. Niranjan
Rajyadhyaksha, Executive Director - Research & Strategy, Artha Global and
Sandeep Khosla, Director General, Bombay Chamber.
Sudhir
Kapadia, Senior Advisor at EY India, set the context for the report launch,
providing deep insights into India’s economic journey and the strategic steps
needed to achieve the vision of Viksit Bharat. His expert perspective framed
the conversation, emphasising the importance of sustainable growth, innovation,
and inclusive development for India to emerge as a global leader. Citing examples
of Germany and Japan where the national resolve to rebuild post WW2 was palpable,
he said that there need for a similar national resolve to achieve a Viksit
Bharat.
The
evening also saw an interesting Fireside Chat between A. Balasubramanian,
Managing Director & CEO of Aditya Birla Sun Life AMC Ltd and Dinesh Kumar
Khara, former Chairman, State Bank of India. The speakers discussed the change
in growth dynamics, with India’s GDP growing by $1 trillion every three years,
and explored the levers of growth such as the startup economy, AI, renewables,
and the transformation of traditional industries. Looking ahead to 2047, they
delved into how India’s economy and industries will evolve in the vision of
Viksit Bharat and the need to effectively leverage AI for sustainable growth.
They
also highlighted three key areas for focus: efficiency of capital, investment
in talent and capacity building, and energy efficiency as critical to achieving
long-term progress.
This
was followed by a panel discussion on Viksit Bharat@2047: Blueprint for a
Developed India. Moderated by Dr. Sachchidanand Shukla and including speakers
like Sudhanshu Vats; Neelkanth Mishra, Chief Economist, Axis Bank; Dharmakirti
Joshi, Chief Economist, CRISIL and Dr. Niranjan Rajyadhyaksha, it explored India’s
path to becoming a developed nation by 2047.
Earlier
in the day, Bombay Chamber hosted two events – the annual Sustainability
Conclave themed Green Growth for a Viksit Bharat and the Smart City Leaders’
Conclave with industry experts deliberating on the topics.