Davos, January 21
India is well positioned to emerge as third-largest economy and should scale up its efforts to become USD 30 trillion economy, Bharti Enterprises Founder and Chairman Sunil Bharti Mittal said on Wednesday.
He underscored the importance of trade partnerships, policy stability and technology-led growth.
"We will become the world's third-largest economy, but six or seven trillion dollars for a population of over 1.5 billion does not add up. To truly arrive, we must scale to 25 or 30 trillion dollars. The timing may vary, but the destination is clear and unavoidable," Mittal said at the World Economic Forum in Davos.
"What the business community needs is an enabling environment, a committed government, and long-term stability, all of which are in place today. The global context, however, is far more competitive than it has ever been. China used decades of access to the US market to build deep manufacturing strength, advanced factories, and leadership in technology. India will have to chart its own path, and we are fortunate to have a vast domestic market of young and aspirational consumers to power that journey," he added.
He said the United States is a strong model, where "enterprise is actively encouraged and the ease of doing business is high".
"Singapore and the UAE also stand out as strong examples," he said.
Speaking on the trade partnerships and agreements, he said they will be critical to the next phase of growth.
"Agreements with the UK, Australia, New Zealand and the UAE are already done, and the EU and the US remain key priorities. At the same time, shifting global trade norms, including the push to reshore manufacturing, demand greater agility and strategic alignment," he noted.
Mittal believed that to secure the best deals, a country has to strengthen itself. Scale creates leverage, and India's advantage lies in its size, its young aspirational consumers, and its growing role as a producer for the world.
"By scaling technology, production, and digital public infrastructure alongside energy and physical assets, India is building resilience and momentum--and will secure fair, balanced partnerships with all major economies, including the United States," he said.
He also spoke on India's advancement in Artificial Intelligence (AI), and said India will advance in AI through frugal innovation. "We have the talent and intellectual capital to build powerful AI models without trillion-dollar investments, focusing instead on efficient and scalable capital deployment. India will pursue this in parallel," he said.
On the PLI scheme, he said it has already changed what is possible.
"Electronics and telecom manufacturing, once unthinkable, are now driving exports. With the energy I see across India and in Europe, I am confident India can sustain growth of 6 to 8 percent. Our future is strong, and disciplined execution will define how fast we get there," Mittal added.
India aspires to become a USD 30-35 trillion economy by 2047.
- ANI
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