Strengthen Supply Chains and R&D to Leverage Robust GDP Growth Opportunities in India

ITC Chairman Sanjiv Puri emphasised the need for India to enhance its focus on developing resilient supply chains and boosting investments in research, development, and intellectual property. This approach aims to foster strong Indian brands and seize new market opportunities with innovative products. Puri shared these insights on social media platforms 'X' and LinkedIn.

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Puri praised India's recent economic performance, highlighting a GDP growth of 7.8% in the June quarter despite global challenges. "It is indeed commendable, that despite global challenges, India’s GDP growth in the first quarter recorded a robust growth of 7.8 per cent, one of the highest in the last 5 quarters," he stated.

India's Economic Resilience and Growth

India's economy is driven by consumption, with its strong GDP growth trajectory creating opportunities across all sectors. According to Puri, India is an "inspiring icon of resilience, growth and transformative opportunities" as it moves towards becoming the world's third-largest economy.

The economy's strength is attributed to progressive policies and purposeful reforms, alongside strong domestic drivers. Puri noted that government initiatives for next-generation reforms, especially in GST, will stimulate a cycle of consumption, investment, and employment, benefiting the economy.

Strategic Investments and Future Opportunities

Puri highlighted India's potential as a global manufacturing hub and service economy powerhouse. He also mentioned the country's progress towards becoming the world's food basket through NextGen agriculture. This vision aligns with India's journey towards a Viksit Bharat.

The ITC Group remains committed to investing significantly in scaling up its businesses. This includes enhancing value addition across agriculture, manufacturing, and services sectors. Such investments aim to support India's economic growth and align with the spirit of Atmanirbhar Bharat.

Puri concluded by stressing the importance of creating proudly Indian brands that serve both domestic and international markets. This approach will not only strengthen India's economy but also open up new opportunities globally with innovative products.

With inputs from PTI