MD & CEO, Tech Mahindra
There is no 'one-stop' approach to reviving the current economic sentiment. Government and public sector spending has to increase. There is a need to define a big-bang approach to leverage new technologies like 5G, Network of the Future, Artificial Intelligence and Quantum Computing to accelerate growth. While the government has been focusing on the supply side (increased thrust on manufacturing), it needs to ensure there is enough demand to achieve the right economic balance. The government needs to devise an economic stimulus package for SMEs. It needs to continually invest in improving existing infrastructure to drive future growth. Additionally, social security schemes can increase the productive capacity of the economy and purchasing power of people. The recent cut in corporate tax is a welcome move. The government needs to address industry-specific issues on priority. Digital has the potential to transform India's economy. Digitalising sectors, including agriculture, education, energy, financial services, healthcare, logistics and retail, as well as government services and labour markets, could each create $10 billion to $150 billion of incremental economic value in 2025 as digital applications in these sectors will help raise output, save costs and time, reduce fraud, and improve matching of demand and supply.