Growth With Governance
Business Today India|September 15, 2024
Strong corporate governance can drive India’s economic ascent, positioning the country as a global leader in transparency and growth
KEKI MISTRY
Growth With Governance

AGAINST AN EXTREMELYuncertain global backdrop and rising geopolitical risks, India has increasingly been in the spotlight as the fastestgrowing major economy.

I am highly optimistic about the future of our economy. India’s economic growth has exceeded global expectations, driven by a confluence of factors such as sound government policies, strong macroeconomic fundamentals, inherent domestic demand, timely regulatory interventions, and ongoing reforms that have ensured long-term growth.

India’s key differentiating factor is its scale and pace of growth. It took India 60 years to become a $1-trillion economy in 2007. The next major leap came eight years later in 2015 when the Indian economy doubled to $2-trillion. Since then, growth has accelerated dramatically despite the brief disruption caused by Covid-19.

By the end of this year, India will be nearly a $4-trillion economy and is well on its way to becoming the world’s fourth-largest economy by overtaking Japan.

Foreign investors are recognising India’s growth potential. India’s GDP grew by 8.2% for FY24 and is projected to grow by 7.2% in FY25. This compares with a GDP growth rate of around 4% for all emerging markets and an even lower growth rate for the developed world.

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