Praveen Jagwani, CEO at UTI International
Until Jim O’Neill coined the term BRIC in 2001, India was largely irrelevant in the global context. However, during the past twenty years, India’s economy has been quietly compounding at approx. 6.5% per annum to become the fifth-largest in the world. There is a universal conviction that India’s GDP will become the third-largest within this decade, eclipsing Germany and Japan in the next 3 and 6 years, respectively.
It is not just the absolute growth of India that is remarkable but the sheer consistency of it despite the vagaries of economic cycles and shifting geopolitical sands. It owes this predictable consistency to the steady consumption by a rising youthful middle class.