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India can grow by 10% in next 20 years if it builds strong domestic financial institutions: Sanjiv Bajaj

“India has a golden opportunity over the next 10-20 years to grow between 8-10 percent as an economy. However in order to achieve that we need to continue to focus on building a solid set of domestic financial institutions”, Bajaj said.

August 16, 2022 / 08:10 AM IST
File Photo of Sanjiv Bajaj, Chairman and MD of Bajaj Finserv.

File Photo of Sanjiv Bajaj, Chairman and MD of Bajaj Finserv.


In an interview with CNBC-TV18, Sanjiv Bajaj, President of CII, Chairman & MD of Bajaj Finserv said that India has golden opportunity to grow by 8-10 percent in the next 20 years if it builds strong domestic financial institutions.



“India has a golden opportunity over the next 10-20 years to grow between 8-10 percent as an economy. However in order to achieve that we need to continue to focus on building a solid set of domestic financial institutions”, Bajaj said.



According to Chandrajit Banerjee, DG of CII, Prime Minister has set the aspirational mood in India to achieve the targets.


“Prime Minister has clearly set the aspirational mood in India with the targets that we need to look at. There would always be an unfinished agenda which need to be done in the next 25 years to enable us achieve all of that.”


Banerjee believes India needs faster reforms in land, labour and power sectors. He added that the country must focus on sectors like AI, technology for the future.


“India still needs faster market reforms like land, labour, power reforms - progress has been made but we need to see implementation in the states. Education and health are very important for us to get a place on the high table. A tremendous amount of focus is required on agriculture.”





Sanjiv Puri, Vice President of CII, Chairman & MD of ITC said India has huge opportunity in agriculture sector. He believes corporates must enter the agri stack to transform the sector via digitization.


“According to estimates, by 2050 world food production has to go up by 59-98 percent and this has to be done in a situation where natural resources are depleting. India has got the largest arable land and therefore there is a huge opportunity for us to improve productivity and quality. So corporates need to enter the agri sector to digitise and bring the power of technology to agriculture.”


Meanwhile, Prime Minister Modi in his Independence Day speech has called on all citizens to take a pledge to ensure India becomes a "developed nation" in the next 25 years.


In his address, Prime Minister listed out 5 pledges to ensure the dreams of freedom fighters become a reality when India marks its 100th anniversary as a free nation. The first was to make India a developed nation, second, was to erase all traces of servitude, third was to take pride in India’s legacy, fourth was to focus on the strength of unity and the fifth was honesty from all citizens when discharging their duties including those holding high offices.


Prime minister singled out corruption and nepotism as the big challenges facing India at this juncture.


Prime Minister also made a pitch to "Make in India." In fact, for the first time, the indigenously developed Howitzer guns were used for the ceremonial 21-gun salute. The Prime Minister called on private businesses to embrace the idea of Make in India with more fervour.


Underlining India’s digital revolution, Prime Minister also said this decade will be a "techade" for India. He also made an addition to Lal Bahadur Shastri's famous Jai Jawan, Jai Kisan slogan. Atal Bihari Vajpayee added Jai Vigyaan and Prime Minister Modi today added Jai Anusandhan to stress on the need for research and innovation.
CNBC-TV18
first published: Aug 16, 2022 08:10 am
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