WEF Davos 2022 | Industries ready for next investment cycle, must attract foreign capital: Sanjiv Bajaj

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

Most industries in India are gearing up for the next round of investment, Confederation of Indian Industries (CII) chief Sanjiv Bajaj said on May 24, adding that the time has come to attract foreign capital.

Bajaj, while validating his views, pointed toward the resumption of growth in several sectors of the economy over the past two quarters.

"In the last couple of quarters, we have seen growth come back, at least consumer growth. This has happened not only in commodities but in quite a few sectors including chemicals, real estate, housing, and logistics," Bajaj told CNBC TV18 in Switzerland's Davos, where ministers from over 50 countries and global business leaders have gathered for the World Economic Forum (WEF) summit.

With the growth reviving, "industries are largely ready for the next investment cycle", Bajaj said, adding that "we must attract foreign capital in a transparent manner".

Strengthening the domestic industries is essential to meet the employment requirements, he pointed out, noting that "around 200 million Indians will need jobs in the next 10 years."

India also needs to "build a strong domestic financial services industry", said Bajaj, who is also the Managing Director of Bajaj Finserv.

While the industry veteran sounded optimistic about consumer growth, he marked his concern over inflation, which has climbed to a multi-year high in India.

"Inflation needs to be tackled," Bajaj stressed. "In addition to fuel inflation, there is also food inflation. Hopefully, a good monsoon can put the food inflation behind us," he added.

The retail inflation peaked at an eight-year high of 7.8 percent in April, and the wholesale inflation during the month jumped to 15.08 percent, the highest in 17 years.