India is poised to be the fastest-growing major economy in the world and an engine of global growth despite global headwinds, says prominent industrialist and Aditya Birla Group Chairman Kumar Mangalam Birla.
The economic activity in India has seen a sharp recovery to pre-pandemic levels on the back of a rapid and widespread rollout of the vaccination programme, Birla said in the latest annual report of UltraTech Cement Ltd.
"A robust digital ecosystem, fiscal and monetary policy and various government schemes helped small and medium enterprises and the worst affected sections of the population to survive while reviving demand and bringing the economy back on track," said Birla while addressing UltraTech's shareholders.
On the global economy, he said it had recovered from the pandemic shock in 2022 on the back of supportive fiscal and monetary policies and mass vaccination programme. However, at the end of FY22, the war in Ukraine and the subsequent economic sanctions on Russia posed a huge shock. "It disrupted energy markets and supply chains and added to the already evolving inflationary pressures and concerns over consumer demand," said Birla.
The Indian economy hasnot remained unscathed by these global developments, he added. Even as the global headwinds are being felt, India's growth recovery is progressing well, and most estimates peg economic growth at around 7 per cent in FY23, Birla said.
India’s domestic demand to play greater role in growth momentum
