Very few countries in the world have reached the World Economic Forum held in Davos this year with as much strength and confidence as India. India today stands at a turning point amid strong growth rates, deepening reforms and increasing investor interest. To maintain this momentum, tough decisions and fast execution are now needed.
A special session was organized on the same topic in collaboration with India Today Group, which was moderated by Kali Puri, Vice-Chairperson and Executive Editor-in-Chief, India Today Group. In the session, veteran economists, CEOs and Union ministers analyzed what India needs to do next.
India’s ‘Momentum Moment’
Geeta Gopinath, a renowned Indian-American economist and professor of economics at Harvard University, opened the discussion by acknowledging the progress that is reshaping the economy. He first underlined India’s achievements so far.
He said, “The creation of digital infrastructure has been very impressive. What has been done in GST, especially the recent simplification, has been very helpful for the economy.”
When Kali Puri asked him what should India do now to maintain this momentum? So Gopinath’s answer was clear. He said, “The real challenge is to maintain this momentum, increase per capita income and reach the goal of ‘Developed India’ by 2047. Today India’s foundation is strong. Not only in terms of growth rate, but inflation is also in low single digits. This is a good situation for India.”
However, he also pointed to some old barriers. He said, “In India, acquiring land and owning clean land is a huge challenge, which hinders development and manufacturing.” He also described judicial reforms as very important.
Talking about the labor market, he said that India is not getting full benefit of its demographic strength. He said that only about 30% of India’s development has come from labour. He welcomed the new labor laws, but stressed that if India wants to connect with the global supply chain, it will have to think much bigger. He also described skill development as very important. He said, “There is a huge gap between jobs and skills of workers. It is extremely important to increase skilling on a large scale.”
Pollution: A major obstacle in the way of development
Responding to a pointed question by Kali Puri on what was holding India back apart from land and labour, Gopinath raised the issue of pollution. He clearly said that pollution is a challenge in India. This is much more serious than any impact of the tariffs. Citing World Bank data, he said, “About 17 lakh people lose their lives every year due to pollution in India. This is not only an economic burden but also discourages global investors.”
Calling for tackling pollution on a war footing, he said that if you have to live there and the environment is not good for your health, then it holds you back.
Speaking on US President Donald Trump’s tariff policies and global uncertainties, Gopinath said, “The world has permanently moved beyond the global economic structure of the last 80 years. We are not going to go back now.”
Major improvements still remain
Kali Puri asked Bharti Enterprises Chairman Sunil Bharti Mittal an important question related to execution: What more do we need to do to really accelerate India’s growth?
Mittal said in an optimistic tone, “India is already in a very good position. We will definitely become the third largest economy. If I speak in spiritual language, it is written in destiny.” However, he stressed the need to work on a larger scale and said that we have to reach 25 to 30 trillion dollars.
Talking about the industry, Mittal said that the basic conditions are fulfilled. He said, “My community, the business community, needs an enabling environment, a committed government and policy stability. All three things are available today. Their biggest concern is about the global situation. The thing that can derail us is the increasing competition in the world. In this environment, trade deals will be very important.”
Recalling the old times, Mittal said that the era of visiting hundreds of departments for one license is now over. He said, “I have seen those times when one had to stand outside departments like DGTD, CCIE and go round with lots of books, manuals and handbooks for each license. Approval had to be taken from hundreds of departments. Now all that is over.”
He urged the government to show more confidence in Indian companies. “Trust us more, we will follow the rules and do the right thing,” he said.
Highlighting India’s biggest strength, he said, “India is a continent of consumers. We are a big market for every country in the world. And now we are not just consuming, but also producing for the world.”
India through the eyes of a global CEO
Kali Puri asked Juvencio Meztu Herrera, global head of Ikea, what India looks like today from the perspective of a global CEO. On this, IKEA CEO Herrera replied with great intimacy and candour. He said, “I am emotionally attached to India. I have spent six years here.”
Enumerating India’s strengths, he said in clear words, “India is a huge market. It has a young population. It is a democracy. India has the potential to leapfrog from an agriculture-based economy straight into the cutting-edge AI era, much faster than any other country.”
Praising the way India deals with investors, he said, “When you face any hurdle, you knock on the door and you are heard. India will move even faster with better coordination with global standards.”
He also gave advice for upcoming CEOs in India. Herrera said, “Don’t come to India for short-term gains. India doesn’t need you. Connect with Indian stakeholders. Invest time here, understand the people and invest with a long-term mindset.”
Rapid improvement in ease of doing business
Kali Puri asked a direct and focused question to the government as to what steps are being taken to make doing business easier in India?
On this, Union Minister Ashwini Vaishnav gave detailed details of the reforms. He said, “In the last ten years, 1,600 laws have been abolished. About 35 thousand compliances have been removed.”
Ashwini Vaishnav told that many old laws are from the era when governments used to work with inward thinking. Now those laws are being rewritten. The effect of these reforms has started becoming visible at the ground level. Giving an example, he said, “Earlier it used to take 270 days to get permission to set up a telecom tower. Today the same permission is given in just seven days. A railway terminal which earlier took six years to build, now takes two and a half months.”
He further said that India’s criminal justice system and telecom laws, both of which date back to the 1800s, have been replaced with a modern framework.
Tariff challenge and India’s strategy
Regarding global challenges, Kali Puri asked how will India maintain its growth momentum amid high tariffs imposed by America? On this, Union Minister Ashwini Vaishnav said that India has stood strongly. We are a very resilient and strong economy. Despite tariffs our exports have increased.
Ashwini Vaishnav said that electronics has now become India’s third largest export sector. He said that India is expanding its exports to new geographies and making balanced, healthy and complementary trade agreements.
He also added that today the world is looking at India as a very reliable value chain partner.
The panel discussion left no doubt about where India stands today. The opportunities are real. The speed is real. The challenges are no longer hidden. And what steps India takes next will decide whether the promise of 2026 will become a reality in 2047 or not.
At the end of the session, Kali Puri said, “India is a positive force for the world and its bright future has already been decided.”
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