Companies will have to get around to accepting the changing times. How we respond to changes will be important as geopolitical events continue to have an impact, said Tata Steel, TV Narendran CEO.
Amish Mehta, Managing Director of CRISIL, said that central banks were tightening interest rates as world economies struggled with inflationary pressure. He said things have gone awry due to the geopolitical uncertainty.
Chairman PwC India, Sanjeev Krishnan, said that inflationary pressures were due to supply-side challenges as the world went through the next stage of globalisation. He said that many entities are looking at localising supply chains.
There was broad consensus on the fact that India was well-placed to tide over the current economic uncertainty, compared to many other economies. India is much better prepared than in 2008, was the managing director of NSDL, Padmaja Chunduru, said.
The CRISIL's Mehta said that government investment in infrastructure would play a key role in driving growth in the Indian economy.
India can't be built by government alone. You need to find innovative structures. He said that we are optimistic about growth in the next five to seven years.
At this time, it was important to support micro, small and medium enterprises MSMEs, and with support from various government schemes it had been able to meet challenges to a large extent. Technology networks are being created by both central and state governments, which together with reskilling and training of manpower MSMEs ride over the problems, averred by NSDL's Chunduru.
Foreign direct investment was retracted due to the global uncertainty. She said that the global uncertainties could largely be attributed to that.
The growth of the economy was a result of job creation, according to the Narendran of Tata Steel. India is different from Southeast Asian economies. It is not only a source of production but also a market. He emphasised that we have to get companies to make for India.
PwC's Krishnan said that the country could play a prominent role in driving the global energy transition through participation in areas such as green hydrogen.