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Maintaining Growth Momentum [Special Report]: Overall positive economic outlook boosts India's image as a thriving business hub. Country's cultural ethos encapsulated into Vasudhaiva Kutumbakam -- One Earth One Family One Future -- sets the tone for global socio-economic progress Gogate, Kanchan ProQuest document link FULL TEXT India is raising the bar, and its overall economic outlook appears buoyant and optimistic. Amidst an ever-changing global economic landscape, India's positive sentiment provides renewed hope for its businesses. Amid this dynamic global economic environment, India's resilience and growth potential have been noticed internationally. The country's commitment to economic reforms, technological innovation, and a robust entrepreneurial spirit positions it as a promising destination for investors and businesses alike. With a vast consumer base and a burgeoning middle class, India offers substantial opportunities for economic prosperity. Policy impetus has created a conducive business environment in the country. Again, given the solid human capital of the country, India has also emerged bankable talent pool. POSITIVE PREDICTIONS Reports suggest that India maintains a positive outlook in spite of the rising global economic uncertainty. Despite a challenging global economic landscape, Indian economy is fortifying itself, driven by robust domestic private consumption and solid fixed investments. The recent RBI bulletin underscores this trend, highlighting the significant role played by strong public sector capital expenditure in this economic resurgence. In the face of diminishing global opportunities, Indian economy is steadily strengthening, primarily powered by internal forces such as private consumption and robust fixed investments, bolstered further by substantial public sector capital expenditure, the RBI bulletin states. India's strong recovery after the pandemic is also a sign of its resurgence. Government data revealed that India's Gross Domestic Product (GDP) recorded a growth rate of 7.8 percent in the April-June quarter of FY 24, in contrast to the impressive 13.1 percent growth observed in Q1 of FY 2022-23. India maintained its position as the fastest-growing major economy. On India's GDP growth, Anshuman Magazine, chairman &CEO India, South-East Asia, Middle East &Africa, CBRE, says, "India's GDP growth of 7.8% in Q1 2023- 24, the highest in four quarters, showcases a notable economic performance, reflecting the economy's resilience despite various challenges. A robust growth in the services sector, higher capital expenditure, strong consumption demand, and the resurgence in manufacturing activity stand out as key drivers, underscoring the adaptability of our industries. Despite prevailing elevated interest rates, the economy has managed to not only navigate the headwinds but also capitalize on the opportunities. The convergence of strong services growth and a revival in manufacturing underscores the concerted efforts of various sectors and policies to propel our economy forward. This momentum lays a solid foundation for sustained growth ahead." VASUDHAIVA KUTUMBAKAM PDF GENERATED BY PROQUEST.COM Page 1 of 3

Vasudhaiva Kutumbakam -- One Earth One Family One Future -- which was the theme of the recently concluded G- 20 summit, has boosted India's image domestically and internationally. This mantra sets the vision for global socio- economic progress. The theme 'Vasudhaiva Kutumbakam' draws inspiration from the ancient Sanskrit text. This theme underscores the intrinsic value of all life forms -- humans, animals, plants, and microor- ganisms -- highlighting their interconnectedness on Earth and within the broader universe. India is showing a great resilient spirit and 'Vasudhaiva Kutumbakam', speaks about balanced and sustainable growth, asserts Dr (Capt) C M Chitale, Professor Emeritus and management expert. "In an increasingly interconnected world, India's philosophy resonates as a powerful call to collective action for a brighter future, both for our own well-being of our planet. The mantra propels growth which is inclusive and resilient for the planet and environment and not just human-centric. While maintaining this ancient mantra, India is also matching pace with digitisation and embracing technological transformation," he says. The country also builds a bankable talent pool, says Chitale. "The demographics of India are favourable. A rising workforce helps to increase savings and investments. It also enables increased productivity New Economic Policy is aimed at promoting growth, efficiency, and global integration. National Education Policy 2020 aims to develop Interdisciplinary Skill components amongst youths so as to develop them as entrepreneurs or ready to take on challenges the world over," he adds. It's not just business but India is taking giant strides in science and technology as well, India's Chandrayaan Mission has indeed been a significant milestone, elevating India's global standing in the field of science and technology, opines Dr. TGK Murty, a senior Space Scientist and former program director, ISRO, "This mission has showcased India's remarkable scientific capabilities, talent, and dedica- tion. It's a historic achievement that calls for greater recognition, support, and appreciation for scientific excellence and a strong commitment to fostering a scientific temperament in the country." BALANCED OUTLOOK A pervasive positive outlook is fueling India's economic prowess, supported by a suite of strategic policy initiatives including Make in India, Skill India, Digital India, Ease of Doing Business, Start-Up India, and more. India's strategic focus extends to vital sectors such as manufacturing, infrastructure, education, and broader economic growth. On India's GDP figures, Dr Samantak Das, Chief Economist and Head -- Research and REIS, JLL India, says, "Post a series of global economic shocks starting with the pandemic induced contraction of global output, the Indian economy has demonstrated resilience and positioned itself to ascend to its pre-pandemic growth path. In Q1 FY 2023-24, India's GDP grew at its fastest pace in four quarters. This was propelled by strong services sector growth, especially within financial, real estate and professional services which witnessed a year-on-year growth of 12.2 per cent, surpassing the 8.5 per cent recorded in the previous year. With the Government's strengthened emphasis on infrastructure development, this is expected to improve in the coming quarters." DETAILS Subject: Capital expenditures; Economic reform; Gross Domestic Product--GDP; Education policy; Manufacturing; Economic growth; Global economy; Public sector; Pandemics; Consumption Business indexing term: Subject: Capital expenditures Economic reform Gross Domestic Product--GDP Manufacturing Economic growth Global economy Public sector Consumption Location: India Publication title: The Economic Times (Online); New Delhi PDF GENERATED BY PROQUEST.COM Page 2 of 3

LINKS Get Full-text Database copyright  2024 ProQuest LLC. All rights reserved. Terms and Conditions Contact ProQuest Publication year: 2023 Publication date: Sep 27, 2023 Publisher: Bennett, Coleman &Company Limited Place of publication: New Delhi Country of publication: India, New Delhi Publication subject: Business And Economics Source type: Newspaper Language of publication: English Document type: News ProQuest document ID: 2869035536 Document URL: https://ezproxy.humber.ca/login?url=https://www.proquest.com/newspapers/maintainin g-growth-momentum-special-report/docview/2869035536/se-2?accountid=11530 Copyright: Copyright Bennett, Coleman &Company Limited Sep 27, 2023 Last updated: 2023-11-26 Database: ABI/INFORM Collection PDF GENERATED BY PROQUEST.COM Page 3 of 3

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