Kumar Mangalam Birla Calls on India Inc to Boost Capital Expenditure Amid Economic Slowdown

Industrialist Kumar Mangalam Birla has urged Indian businesses to accelerate their investment efforts. Speaking at the Bombay Chamber of Commerce and Industry's 189th foundation day event, he highlighted the government's significant increase in capital expenditure over the past decade. Birla noted that his group, along with other major conglomerates, is already expanding capacity significantly. He emphasised that broader participation from India Inc is essential for this investment momentum.

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Investment and Economic Growth

Birla's remarks come amid concerns about slowing private capital expenditure. Official data indicates a growth slowdown, with a seven-quarter low of 5.4% for the July-September period. A reluctance to invest and a preference for operating at higher capacities are seen as factors contributing to this slowdown. Birla stressed that businesses must now take the lead in driving growth, as the government has already established a supportive ecosystem.

He believes that Indian businesses have both the capacity and responsibility to shape the country's future development. "We businesses have the capacity and the responsibility to define the vision for development and shape the India of tomorrow," he stated. He also mentioned that India can become a global manufacturing and service hub by rethinking supply chains.

Vision for Future Development

Birla called for a globally benchmarked vision, stating that India stands at a crucial point where ambition and imagination can drive progress. He highlighted the importance of focusing on innovation, talent, and sustainability to achieve India's goal of becoming a developed nation by 2047. According to him, these elements are vital for realising this vision.

He also pointed out that 18-year-old chess grandmaster D Gukesh's achievement symbolises the emergence of a confident and youthful India. This accomplishment reflects the potential of a new generation ready to contribute to national progress.

The industrialist concluded by reiterating that Indian businesses need to think big to redefine global supply chains. By doing so, they can position India as a leading player on the world stage in both manufacturing and services.