Growth rate of 6-7% minimum that India should aim for, says ITC CMD Sanjiv Puri
He said that India has a strong foundation, thanks to the several years of "purposeful policy" intervention, giving it headroom for growth.
- Feb 11, 2024,
- Updated Feb 11, 2024 12:34 PM IST
Sanjiv Puri, chairman and managing director of tobacco-to-soap conglomerate ITC, said on Saturday that a growth rate of 6 per cent to 7 per cent is something that is not only possible for India to achieve but it is a minimum that the country should be aiming for.
He added that India has a strong foundation, thanks to the several years of "purposeful policy" intervention, giving it headroom for growth.
While expressing his confidence in India's growth story, the ITC CMD said at the ET Now Global Business Summit 2024: "This is India's decade and even beyond that," while adding several surveys have shown a similar potential for the country.
Puri also mentioned that inflation has been very well managed and that public infrastructure and digital infrastructure are also being developed. Furthermore, he noted that the government is also working on incentives to make the country a manufacturing hub, all of which augurs well for the future.
Moreover, Puri also acknowledged the resilience of India's rural economy in the face of COVID-19, inflation, and extreme weather events.
While growth may not be as rapid as desired, Puri noted the positive impacts of infrastructure development, housing initiatives, digitisation, direct benefit transfers, and free food grain distribution.
He also highlighted ongoing efforts to assist farmers in mitigating the impacts of climate change.
"I think these are some of the very important steps taken by the government in terms of investment in the rural economy, which has made it resilient," Puri noted.
Puri believes that the rural economy has the potential to experience a significant turnaround, especially with a couple of good crop cycles. "One or two good crop cycles and we will see with all those situations turn around," he said.
Talking about the growth of ITC, Sanjiv Puri noted the company's aspiration is to grow much ahead of the economic growth of India as the management is focused on upgrading the company's portfolio for the present and the future.
At the time of market close on Friday, ITC shares were trading 0.28 per cent up at 415.60 apiece on the BSE and 0.11 per cent up at Rs 415 apiece on the NSE.
Also Read: India to be no.1 automobile manufacturing hub, third largest economy by 2029: Nitin Gadkari
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Sanjiv Puri, chairman and managing director of tobacco-to-soap conglomerate ITC, said on Saturday that a growth rate of 6 per cent to 7 per cent is something that is not only possible for India to achieve but it is a minimum that the country should be aiming for.
He added that India has a strong foundation, thanks to the several years of "purposeful policy" intervention, giving it headroom for growth.
While expressing his confidence in India's growth story, the ITC CMD said at the ET Now Global Business Summit 2024: "This is India's decade and even beyond that," while adding several surveys have shown a similar potential for the country.
Puri also mentioned that inflation has been very well managed and that public infrastructure and digital infrastructure are also being developed. Furthermore, he noted that the government is also working on incentives to make the country a manufacturing hub, all of which augurs well for the future.
Moreover, Puri also acknowledged the resilience of India's rural economy in the face of COVID-19, inflation, and extreme weather events.
While growth may not be as rapid as desired, Puri noted the positive impacts of infrastructure development, housing initiatives, digitisation, direct benefit transfers, and free food grain distribution.
He also highlighted ongoing efforts to assist farmers in mitigating the impacts of climate change.
"I think these are some of the very important steps taken by the government in terms of investment in the rural economy, which has made it resilient," Puri noted.
Puri believes that the rural economy has the potential to experience a significant turnaround, especially with a couple of good crop cycles. "One or two good crop cycles and we will see with all those situations turn around," he said.
Talking about the growth of ITC, Sanjiv Puri noted the company's aspiration is to grow much ahead of the economic growth of India as the management is focused on upgrading the company's portfolio for the present and the future.
At the time of market close on Friday, ITC shares were trading 0.28 per cent up at 415.60 apiece on the BSE and 0.11 per cent up at Rs 415 apiece on the NSE.
Also Read: India to be no.1 automobile manufacturing hub, third largest economy by 2029: Nitin Gadkari
Also Read: Trouble mounts for Byju's as firm's plan to sell assets hits a roadblock