India has great wealth of talent to service clients globally, says Kearney's Alex Liu

According to the IMF, India has been a bright spot in the global economy with 15 percent of the global growth expected to come from India in 2023. The IMF believes that the focus on digitization and a fiscal policy response to economic conditions has put the country on a strong growth path.

Speaking to CNBC-TV18, the IMF chief said India must continue with structural reforms, focus on inclusiveness and create more jobs for women. But how can India speed up its journey to become the third largest and 40 trillion dollar economy by 2047?

Global consultancy firm Kearney believes that focus on manufacturing, decarbonisation, infrastructure, and digitization is a must for India to become a global superpower.

Speaking to CNBC-TV18, Alex Liu, managing partner, and chairman, Kearney said India is a key component of the company's growth strategy. India has a great wealth of talent to service clients globally.

"Many of our clients also look at India as a key driver. With its large and diverse population, India offers a unique opportunity for businesses to tap into new markets and expand their customer base," he said.

"I am pretty bullish on it. We have strong plans where we want to triple our own business in the next three years and we believe that this is a great place to participate in that global growth," Liu stated.

Liu mentioned India is a key piece of their global growth strategy, "Clients look at India as a great source of future growth. In India as consumption, the opportunity is huge. The age, the demographics, the rise of the middle class, the skills, the education level, it's a huge market that speaks for itself and to be in the top three markets of the world, you need to have that type of momentum."

However, infrastructure remains a key challenge that needs to be addressed to unlock India's full potential.

“Infra is key to develop vase for development," Liu explains, "Around the world, there is a board-level priority to de-risk manufacturing network. Companies need to diversify their manufacturing footprint, and many are looking to India to do so."

In addition to manufacturing, there is a growing focus on reinventing supply chains to make them more resilient and transparent. This is where India can play a key role.

"Clients are looking to reinvent supply chains to make them more resilient and transparent," Liu added, "Indian is competing with other ASEAN countries, and ease of doing business becomes very important."