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India is on track to hit $10 trillion mark

India has potential to join the ranks of the world's largest economies under the tremendous leadership of Prime Minister Narendra Modi

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.

“I believe our future is tied to innovation and staying ahead of the tech curve. We should invest in technology and give an opportunity to our young generation to learn cutting-edge technologies and implement in practical life,” he said.

Literary Endeavours

Dr Buxani’s fondness for writing radiates through his elegant prose. With meticulous attention to detail and a fervent love for storytelling, he crafts words that resonate profoundly.

Referring to a quote from Irish comic dramatist, literary critic, and socialist propagandist George Bernard Shaw, he said there is a lesson for India while achieving economic targets in recent years.

“Now that we have learned to fly in the air like birds and dive in the sea like fish, we need to learn and inculcate among humans a quality to learn to live on earth like humans.”

“This is what India needs to learn,” Dr Buxani said while quoting Shaw, the winner of the Nobel Prize for Literature in 1925.

Referring to another Urdu poem, he said one can find success always on grounds despite high targets and difficulties. “You can aim high, but you have to walk through to achieve the success in life,” he said.

A Successful Venture

The ITL Cosmos Group was founded in 1953 and emerged as one of the successful businesses in the UAE as it grew from trading in textiles to expanding and diversifying its portfolio to consumer electronics, IT and telecommunication products, home and kitchen appliances and photographic products.

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.