Indian economy to recover in medium term: Munjal

By Author   |   Business Bureau   |   Published: 7th Oct 2017   12:27 am

Hyderabad: Indian economy is going through challenging times but it will grow in the medium term. The country is on the path to become the third largest economy in the world. New economic opportunities have to tapped to see the job and wealth creation continues to happen.

Echoing these views, Sunil Kant Munjal, chairman, Hero Enterprise and Hero Corporate Service, said, more enterprises will have to be created. Both manufacturing and services sectors should grow to ensure overall growth. SMEs which are the job and exports generators need logistics, innovation and branding support to help them scale up.

India is taking steps to improve skilling through sector specific initiatives. Value addition should happen in all verticals and all levels of industries. India which is 41 per cent external economy is seeing healthy foreign investments. Private sector investments are also showing early signs of recovery. Structural changes

Impact of GST is going to be a short-term phenomenon and is going to benefit in the long-term. GDP has at present slowed down but the coming quarters, growth will rebound. The government is putting building blocks for sustained and long-term growth. India has the potential to achieve 14 per cent growth but several factors and components should work in tandem, Munjal said here who came to attend the think tank Mindmine Institute’s platform Mindmine Conversations to discuss issues such as regulations, challenges in agriculture and healthcare.

Technology is playing a crucial role in many sectors. Automotive industry in the country is aggressively looking at electric vehicles now and in the next 10 years they will be a key part of the mobility sector.