India is on track to hit $10 trillion mark

India has a promising future as its economy is on track to hit another milestone of $10 trillion mark by the end of this decade, says an industry veteran. Dr Ram Buxani, Chairman of ITL Cosmos Group, expressed confidence in the Indian economy's growth trajectory and said the South Asian nation has made remarkable progress and it still has a long road to travel to join developed countries in terms of infrastructure development, economic prosperity and happiness.

Dr Buxani, who was honoured with ‘Lifetime Achievement Award’ by Forbes Middle East, said India has potential to join the ranks of the world's largest economies under the tremendous leadership of Prime Minister Narendra Modi.

“Indian economy successfully achieved $5 trillion milestone under the vision and guidance of Prime Minister Narendra Modi and I have no doubt that $10 trillion mark will also be achieved keeping in mind present pace of economic growth of the country,” Dr Buxani told Khaleej Times during an interview ahead of 75th Republic Day of India.

Referring to World Bank projections issued in January, he said India is expected to maintain the fastest growth rate among the world’s largest economies.

“Indian economy is likely to achieve 6.3 per cent economic growth during the financial year of 2023-24, which is still good compared to other major economies of the world,” he said.

“No doubt, we have recorded tremendous success on multiple fronts in past 75 years, but still we have to achieve overcome many challenges to become a developed country,” he said. “We cannot claim to have achieved complete success post-independence, considering our relative progress compared to countries, liberated around the same time. However, we've been gaining momentum over the past few decades, with immense potential ahead,” he added.

Dr Ram Buxani, who etched a story of resilience and vision, paid rich tributes to visionary leadership of the UAE and said India should take the advantage of the emirate’s expertise in infrastructure development, technology advancement and nurturing human resource skills and talent.

While appreciating a multi-billion dollar deal with DP World at recent Vibrant Gujrat Summit in India, he said such mega deals will help build quality infrastructure as well as create hundreds of new job opportunities in the country. “Credit goes to Prime Minister Narendra Modi who laid a solid foundation by establishing strong relationships with the UAE and African countries. The Comprehensive Economic Partnership Agreement (CEPA) with UAE will accelerate bilateral trade and investment,” he said.

Dr Buxani’s insights emphasize how the evolving relationship between India and the UAE has set a precedent for the world. “India has emphasized the tremendous opportunities the UAE offers. This synergy positions the UAE as a crucial gateway for India to the world,” he said.

“This partnership has showcased a progressive path, starting with CEPA and branching out to encompass diverse areas, ultimately demonstrating how nations can collaborate strategically and pave the way for global economic connectivity.”

Role of Technology

The Chairman of ITL Cosmos Group also highlighted the role of technology in economic development and said no business can see a success today without incorporating emerging technologies such as artificial intelligence (AI), blockchain, and the Internet of Things.

“Again, we have a lesson to learn from the UAE who set an example to encourage young generation and promote tech experts at senior positions,” he said.

In addition, the group is known for offering quality business equipment, data and storage products, office stationery, textiles, linen and luggage, food and personal banking. It also partnered with Sharp Corporation and introduced its products, for the first time, in the UAE.