‘Reform will propel India’s performance’

Major growth opportunity for country in coming decades: Tata Sons chief

New Delhi: Reform will be a key pillar that will propel fundamentals of India’s performance in the coming decades, which have a major growth opportunity for the country, Tata Sons Chairman N Chandrasekaran said on Friday.  

While the country can look forward to becoming a USD 25-30 trillion economy in its 100th year of Independence, it is also crucial to spread the gains of the future to everyone, including informal workers, agricultural labourers and women, he said while addressing the annual convention of industry body FICCI.

Chandrasekaran noted that the government has taken several reforms before and after the pandemic which has set a strong foundation for a renewed vision for India in 2047. “Looking for the next few decades, India presents a major growth opportunity. At the same time, it is important to remember the scope of reforms India has undertaken in the last few years,” he said.

Pre-pandemic, the government introduced GST, Insolvency and Bankruptcy Code (IBC), inflation targeting framework, a reduction in the corporate tax rate and addressing the banking sector balance sheets, Chandrasekaran added.

He further said since the pandemic, the pace of structural reforms has picked up further, highlighting measures like labour reforms, PM Gati Shakti, and national asset monetization plan, production link incentive scheme to boost domestic manufacturing, higher investment limits for small businesses, power sector reforms and aggressive disinvestment targets.

“The scope and scale of economic reform has been really fast paced, and this will drive productivity improvements and the continued growth and capital accumulation. Reform is going to be a key pillar that will propel the fundamentals of India’s growth performance in the coming decades,” he asserted.

Chandrasekaran said India has also made significant progress in achieving results in the social sector, particularly in extending the reach of basic services .