Sanjiv Puri, chairman and managing director of tobacco-to-soap conglomerate ITC, said on Saturday that 6-7% growth is not only achievable in India alone, but also the minimum that India should achieve. He said it was a limited number. should aim for.
He added that India has a strong foundation and has been given room to grow thanks to years of “purposeful policy” interventions.
Expressing confidence in India's growth story, ITC CMD said at the ET Now Global Business Summit 2024, “This is India's decade and beyond,” adding that several surveys It added that similar potential has been shown for India.
Mr Puri also said that inflation was being managed very well and public and digital infrastructure was also being developed. He also pointed out that the government is also working on incentives to make the country a manufacturing hub, all of which will have a positive impact on the future.
Puri also acknowledged the resilience of India's rural economy in the face of COVID-19, inflation and extreme weather.
Although growth may not be as rapid as expected, Puri noted that infrastructure development, housing initiatives, digitalisation, direct benefit transfers and free distribution of food grains are having a positive impact.
He also highlighted continued efforts to support farmers in mitigating the effects of climate change.
“These are some of the very important steps that the government has taken in terms of investing in the local economy, and I think they have made the local economy more resilient,” Puri said.
Puri believes the rural economy could experience a significant upturn, especially if there are some good crop cycles. “Once we have one or two good crops, you'll see these conditions improve,” he said.
Commenting on ITC's growth, Sanjiv Puri said the company's goal is to grow much faster than India's economic growth as the management is focused on upgrading the company's portfolio now and for the future. He said there is.
At market close on Friday, ITC stock was trading 0.28 per cent higher at Rs 415.60 a share on the BSE and 0.11 per cent higher at Rs 415 a share on the NSE.
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