Indian economy can touch $10 trillion in next 15 years: HUL CMD Sanjiv Mehta
India has the potential to achieve a high GDP growth rate of around 10 per cent and be a USD 10 trillion economy in the next 12 to 15 years, HUL CMD Sanjiv Mehta said on Monday.
Terming the present situation as a “massive opportunity for the country”, Mehta said impetus should be given on digitising sectors like manufacturing, agriculture and pharma.
“In the last three decades, we have achieved about 6 to 6.5 per cent on an average GDP growth rate and if we have to create a 10 million jobs every year, then we have to cross this chasm between 6 and 6.5 per cent and 8 to 10 per cent…
“…the potential of the country is there and that would, forget USD 5 trillion, in the next 12 to 15 years we could be on the cusp of becoming a USD 10 trillion economy,” Mehta said while addressing a virtual event organised by the All India Management Association (AIMA).
To achieve this, the country must “dream big, think big and act big”, he added.
Speaking on “renewing the economy”, Mehta said the country has to reach a virtuous cycle of growth.
“We have to reach a stage, where we get into a virtuous cycle of growth, where investments happen or really it starts with demand. The demand goes up, investment happens, livelihoods get created and then the virtuous cycle starts moving. So, we have to get to that stage,” he emphasised.
Talking about the COVID-19 situation in the country, he said a USD 3 trillion economy is like an Airbus A380 aircraft and it must not be allowed to go into a free fall.
On economic recovery, Mehta said the key issue is determining the appropriate level of interest rate to spur growth.