Lauding the leadership of the current government under the stewardship of Prime Minister Mr Narendra Modi, EY’s office Managing partner-tax, Mr Jayesh Sanghvi said that India has come a long way over the past 8-10 years and is being run like a corporate today.
‘We have witnessed a change from conjecture to conviction’ said Mr Sanghvi addressing a CII session in the city of Visakhapatnam.
Identifying India’s demographic dividend to be one of the strongholds of the nation’s economy he informed that 2/3rd of the Indian population is of the working age and that 25% of the global workforce supply will come from India.
He forecasted that going forward there will be a severe shortage of people and resources in the world and this an area where India will shine like a bright spot.
‘India therefore for the sake of the world cannot fail’ said the partner-tax, EY.
Elaborating further on the demand of skilled manpower he opined that the country will either have to export people or deliver services from home. He thus stressed on the imminent need for rapid digitization and for India to become the world’s technology and services hub.
GDP in 2047
Speaking on the overall growth of the economy Mr Sanghvi cited an EY study which stated that if India grows at 6% per annum it shall become a USD 26 trillion economy by 2047. ‘This will significantly raise our per capita income to USD 15000 by 2047-48’ said the EY partner.
Another area wherein he laid much emphasis on was for India to develop a strong and robust corporate bond market.
‘This needs to grow substantially’ said Mr Sanghvi. Earlier CII AP Chairman Mr Neeraj Sarda highlighted India’s EoDB rankings to be a game changer and to be an extremely positive step to promote competition among states.
‘India has risen significantly in its ease of doing business rankings from 134 to 63’ said Mr Sarda.