Kumar Mangalam Birla says Indian economy ‘just looking like a wow’
While Delhi’s Jasmeen Kaur used the phrase ‘so beautiful, so elegant, just looking like a wow’ to describe the clothes she put on display in her shop, Kumar Mangalam Birla believes the viral meme ‘just looking like a wow’ echoes the vibrant energy of the Indian economy and captures the unparalleled nature of this moment.
Aditya Birla Group Chairman Kumar Mangalam Birla, like every year, wrote an annual note that elucidates the highlights that made 2023 and the convergent trends to witness in 2024. But unlike every year, this year the industrialist couldn’t help but catch on to the “looking like a wow” trend that became a rage on social media last year.
While Delhi’s Jasmeen Kaur used the phrase ‘so beautiful, so elegant, just looking like a wow’ to describe the clothes she put on display in her shop, Birla believes the viral meme ‘just looking like a wow’ echoes the vibrant energy of the Indian economy and captures the unparalleled nature of this moment.
“In the arc of a nation’s progress, there comes a moment when you feel a certain pulse. A deeply impactful one — the pulse of a nation's confidence. Perhaps it’s time to imagine an index that captures the collective confidence of a nation. Maybe call it the national confidence index!” the billionaire wrote in his note.
“After all, the surging confidence of over a billion plus people, in a nation that's on the move, can be a transformative force!” he wrote.
He noted that even as large pockets of the world remain engulfed in pessimism, India seems to stride forward with unwavering optimism. “There is a palpable sense that the country is on the move. India is awash with optimism, pride, and anticipation. This anticipation stems from our country’s accelerated high-growth trajectory. And for that, our government deserves much credit.”
Coincidentally, Birla’s annual note with optimistic thoughts about the economy comes on a day when the Union government has released a report titled ‘The Indian Economy: A review’ instead of the Economic Survey ahead of the interim Budget.
The report suggests that it now appears very likely that the Indian economy will achieve a growth rate at or above 7% for the financial year 2023-24. It also says that some predict it will achieve another year of 7% real growth in FY25 as well.
If the prognosis for FY25 turns out to be right, that will mark the fourth year post-pandemic that the Indian economy will have grown at or over 7%.
Meanwhile, several experts have remained bullish on India. Earlier this month, Herald Van Der Linde, Head of Asia equity strategy at HSBC, said he remains optimistic about India's market prospects, despite potential short-term fluctuations. In an interview with CNBC-TV18, he said he sees no reason why it won't continue to outperform. "It's a market where I say you buy into dips."
Also Read | Technology-driven reforms have transformed India's economic landscape in 10 years: Economic Review
Manish Chokhani, Director of ENAM Holdings, had also earlier said that overall economic conditions in India are highly favourable as reflected in the market's positive trajectory.
In fact, economist Barry Eichengreen had in December 2023 said he is confident that India can achieve an 8% growth rate over the next decade if the government practices fiscal restraint and private savings rates increase, providing more funds for investment in education, healthcare, infrastructure, and industry.
(Edited by : Amrita)
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