 "India likely to grow at 10% for 10-20 years: Deloitte's Romal Shetty")
India is likely to grow at 10 per cent for the next 10 to 20 years and is set to become the third-largest economy by 2027, Deloitte South Asia CEO Romal Shetty said here on Monday, asserting that investors should grab the opportunity presented by the nation’s rapid economic development.
Speaking at the World Trade Centre Association’s (WTCA) 54th Global Business Forum, he exuded confidence that India will be a developed country by 2047.
“There is only one country outside China that can match the scale, both from domestic consumption and export consumption. Looking at all the macroeconomic indicators, India is probably growing at about 10 per cent in the next 10-20 years, and by 2047, we will be a developed country,” Shetty said.
“India is poised to become the third-largest economy by 2027. Several initiatives have been launched to attract over $7 trillion investment in the next 5 years,” he added.
Emphasizing the country’s potential as a global economic powerhouse, Shetty underlined the theme ‘EPIC: Empowering Progress through Innovation and Collaboration’ while highlighting India’s contribution to the global economy over the years.
Shetty also stressed that Karnataka should be seen as an investment opportunity. “Bengaluru is the fourth-largest technology hub.
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Additionally, it has cutting-edge opportunities with top-notch professional colleges and the talent in Gen AI will come out of Bengaluru. Also, 40 per cent of the Global Capabilities Centres in India are based out of Bengaluru,” he said.
Noting that Bengaluru is India’s startup capital and ranks third globally in number of startups, Shetty said of 100 unicorns in India, half are from Bengaluru.
“Bengaluru is not just a beautiful place in terms of culture and history, but also its climate," he said, adding that there are equally strong cities like Mysuru, Mangalore, and Belgaum in the state. When the Tier-II cities grow, they make the state powerful, he said.