Top Ten Trends for 2023 & India Growth Story

Being a CA and a student of Economics and I have compiled some trends for the coming year vis a vis the India Growth Story. This has been sourced from the Internet and do hope it gives a balanced insight to my readers. 

India Growth Story

A young Indian professional Dhritiman Biswas in a London event said couple of years ago India is a nice house in a bad street. This is so true, in comparison to the South Asian’s floundering economies, India has fared brilliantly, amid chaos of Pandemic, Energy crisis and recession etc.

In fact, as per World Bank estimates, India is predicated to grow @6.9 % in 2022-23 and in 2023-24 @6.6% and ranks as the 5th largest economy (3.80 Trillion USD) and expected to overtake Germany & Japan very soon.

The following trends have been listed for accomplishing India Growth, so that we are on Top of the World Order:

  • Digital Transformation

We have leap frogged in the world rankings in this area as well. The total Digital payments is projected to reach USD 153 Billion in 2023 with UPI being the game changer .The roll out of 5G Pan India would further expedite the process. Smart Phone ownerships is about 492 Million and only second to that in China(953 Million)Acceptance of Digi payments  even at lowest level of business such vegetable vendors , is seen as a very positive sign and so also the opening of bank accounts by a huge section of lower end of the society, who were till now outside the banking system.

  • Leadership Talent

World over Indian diaspora have provided Global CEOs to so many MNCs, Satya Nadella(Microsoft)

Sundar Pichai(Alphabet) Shantanu Narayen(Adobe)Arvind Krishna(IBM)Laxman Narasimhan(Starbucks)Raj Subramaniuim(FedEx)Leena Nair(Chanel)CS Venkatkrisnan(Barclays) are just a few, who have made India proud. The latest but not the least being the Prime Minister Rishi Sunak. Ms Kamala Harris VP of USA is also of India origin. At times for certain reasons, people do feel shy to acknowledge their roots.

However, these are just examples of our leadership qualities, which is due to our strong Indian DNA, apart from other attributes, like dedication, loyalty, sincerity etc.

Similarly, leadership within the country have given rise to Corporates like TATAs, Reliance, Infosys, Bajaj, Mahindra’s, L&T, Aditya Birla Etc

Focus therefore should remain in nurturing, grooming and skilling the human capital, at all levels would continue to be engines of growth.

  • Hybrid Work

Work From Home(WFH) and Flexi Work Hours(4 day week) would gain prominence, as the realisation after the pandemic is evident as to the merits in this mode of work.

A management platform, Avsar Report says as per their survey almost 97 % those surveyed want to have WFH.

Another study in US felt that 72% Employers(Managers)want their employees to be in office.

Hence, there would certainly be middle path with at least 2 to 3 days is office would be acceptable.

  • Demographic Dividends

Indians form 18% of the world population. About 25 % falls is 0 to 14 years and 67 % in 15 to 64 years. Hence, about 65 % are in the productive years. The median age is about 28 years.

No other country is so well positioned to reap demographic dividends.

  • Climate Change Impact

India is among top 5 best performing countries on Climate Change.

However, battles are to be fought and won against Air Pollution, Heat Waves, Floods, Deforestations, Coal Fired Thermal Units and many such woes.

As head of G20, India has to lead the pack to find solutions and mitigate the ills of climate change.

  • Urbanization

India is about 69 % Rural with balance 31 % being Urban. About 4 % increase in migration to Urban, is seen for better livelihood.

This in turn burdens the housing, health care, law & order and education needs, in Cities.

Hence, this needs serious attention from the Urban planners and law makers.

  • Online Business

Online or Ecommerce market in India in 2021 is valued at 6210 .96 Billion INR and projected to reach an estimated 26,459 INR by 2027 and the growth is @26.71% compounded annually.

According to a study India is the 8th biggest market in the world for Online Market.

Retail, travel, food, financial services, banking and insurance have been the main contributors.

  • AI/IOT

AI and IOT will definitely continue to play a pivotal role and bring about a sea change, as how businesses are run and also how to optimise themselves. It will bring about process changes, understand customer behaviour and help navigate, as well as to bridge the expectation gaps, in all segments across industries.

  • Renewable Energy

India has pledged 175 GW of renewable energy and 100 GW is in solar.

61.97GW as been achieved in solar and India is at present 4th in Solar deployment in the world.

Reduction in emission intensity by 33-35 % by 2030 is targeted.

Thrust in EV vehicles are also being focused upon to alleviate the dependence on fossil fuels.

  • Education

Focus on Education and higher education is visualized in NEP Policy rolled out which is on paper considered one of the best in the world and needs to be implemented seriously and strictly.

This speaks about multi-disciplinary approach and all round development as well as industry oriented focus.

Education is a vital foundation that can transform generations and be a gamechanger.

Now Foreign Universities have also been allowed to set up campuses in India and facilitate our students to qualify themselves for global opportunities.

When will India regain the golden spot?

The Gupta Empire was an ancient Indian empire which existed from 4th Century to 6th century.

This was considered as the Golden era for India.

While the current scenario is quite far away from that scenario, due to multiple reasons and complexities involved, we can still collectively work towards Vision 2047 India, in our own way and in our own chosen field, to attain the golden heights again, as we truly deserve!

"This article was written by Srikumar Gopinath, Formerly Director with JRSCA Consulting & Advisory Pvt Ltd, Independent Director (IICA), and managerial roles with Volvo, Tata Motors, and many more"

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