Business leaders from India, and from around the world, came together for the ET Global Business Summit in New Delhi, and unanimously agreed that India will breach the $10 trillion GDP mark by 2030. However, to achieve that, it may have to adopt several unorthodox measures. Global managing partner of McKinsey & Co., Dominic Barton said with around 120 million people set to join the Indian workforce, skilling them in a short span of time is essential. “You cannot do that with conventional education,” Barton said.
Founder and CEO of Yes Bank, Rana Kapoor said the time is ripe for local entrepreneurs to make bold decisions. “Today, we have a global economy growing at 3.9 per cent,” he said. He said if the country manages to tap into the tail winds that are being created as a result of that, the country's economy may start growing at 9 per cent in the next one-and-half years. Naspers CEO Bob van Dijk mirrored the enthusiasm. According to him, India will witness e-commerce sales of $150 billion within 10 years.
“Currently, e-commerce penetration as a percentage of retail is 3 to 4 per cent. If you look at global benchmarks, probably UK is around 18 to 19 per cent. China went from sub-10 to 17 per cent in five years, so if India can get to 15 per cent internet penetration in five years, you will be talking about 10X,” Dijk said. “What we have seen in China is that explosive growth drives innovation, I think the innovation that will come out of India will actually be viewed by the rest of the world.” He added that when very large e-commerce businesses like Flipkart come to scale, they will take a bigger role in the lives of the average Indian than they would ever do in Western economies.
