'Push manufacturing for GDP growth'
Mint New Delhi|December 23, 2024
As India pushes forward in its goal of achieving developed nation status by 2047, the focus is not only on increasing the GDP, but also on the per capita GDP.
Alokesh Bhattacharyya

With average incomes lagging even other emerging economies, India has its task cut out.

One way of moving towards higher incomes is to have bigger enterprises, through M&As or strategic expansion, which can give more jobs.

A group of CEOs took on the subject at the Mint-JSA CEO roundtable in Mumbai recently. The honchos of Hindalco Industries, the world's biggest aluminium manufacturer, and JSW Steel, one of the world's biggest steel companies, felt manufacturing would need to play a strong part in India's drive towards its goal.

"Other sectors that will play their role, but manufacturing has to play its role if we have to get to that (target) because it provides steady jobs, a reasonable level of income and, more interestingly, provides jobs in the heartland of the country," said Satish Pai of Hindalco.

He added that mining also was important, and Australia, Canada, the US, Brazil, Argentina, and Chile have done a lot of development through mining, unlike India, where "mining industry is seen through a pretty bad lens. So, players in the industry like us have to make mining socially acceptable, we have to do mining in a clean and sustainable way."

Jayant Acharya of JSW Steel said, relatively speaking, India had a stable political regime and reforms. At current growth rates, the per capita income is likely to double in a decade, but the opportunity is there to take it up 3X.

"If you look at Japan in 1970s, Korea in 1980s, and China in mid-2010s, all have doubled in 10 years or so," Acharya said. "So, (the next) decade will be a very important phase for India's growth."

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM MINT NEW DELHIView all
Mint New Delhi

How Reinsurers Can Help Bridge India's Huge Protection Gap

India's insurance industry is growing rapidly, supported by robust economic growth, an expanding middle class, innovation, and strong regulatory support.

time-read
2 mins  |
March 14, 2025
Mint New Delhi

LG Gets Sebi's Nod to Float India IPO

LG Electronics India Ltd, a subsidiary of the South Korean chaebol LG, has received markets regulator Securities and Exchange Board of India's (Sebi) approval for its ₹15,000 crore initial public offering (IPO), people familiar with the matter said on Thursday.

time-read
1 min  |
March 14, 2025
Mint New Delhi

How to withdraw your VPF to buy a home or repay loan

EPF and VPF do not exist in silos and the rules for withdrawal are the same for both

time-read
4 mins  |
March 14, 2025
Mint New Delhi

HDFC Life enhances security protocols

DFC Life Insurance on Thursday said the company faced data theft last year and the issue has been addressed.

time-read
1 min  |
March 14, 2025
Mint New Delhi

Polerouter: Celebrating a dress watch from the Jet Age

When it comes to classic mid-century vintage watches, few have the aura of the Universal Genève Polerouter

time-read
3 mins  |
March 14, 2025
Mint New Delhi

Citi Plans to Slash IT Contractors, Hire Staff to Aid Controls

Citigroup plans to dramatically reduce its reliance on information technology (IT) contractors and hire thousands of employees for IT as the lender grapples with regulatory punishments over data governance and deficient controls.

time-read
1 min  |
March 14, 2025
Mint New Delhi

Sebi Expands What Qualifies as UPSI

Markets regulator Sebi has widened the ambit of the scope of Unpublished Price Sensitive Information (UPSI) by including any proposed fundraising activities agreements which can impact the management or control of the company, restructuring plans, and one-time bank settlements.

time-read
1 min  |
March 14, 2025
Mint New Delhi

Purple Style Labs secures $40 mn in Series E funding

Purple Style Labs, the parent company of luxury ethnic wear platform Pernia's Pop-Up Shop, has raised $40 million in its Series E round of funding.

time-read
1 min  |
March 14, 2025
Mint New Delhi

Finding the key to joy in Nordic countries

Big and small acts of kindness, solidarity and community spirit ensure the Nordic people remain content

time-read
4 mins  |
March 14, 2025
Mint New Delhi

Is ₹6 crore enough to retire? How to plan for a secure future

I am 38 years old, earning ₹1.80 lakh per month, with monthly expenses of ₹1 lakh.

time-read
2 mins  |
March 14, 2025