India emerges as beacon of growth, to remain fastest growing major economy, says ITC chairman

economictimes.indiatimes.com:

India has emerged as a «beacon of growth» at a time when the world is grappling with serious issues affecting growth across all major economies, said ITC Chairman Sanjiv Puri. In his address to shareholders in the company's annual general meeting, Puri said the country is buoyed by optimism and deeply engaged in realising that promise, striding on the pathways of clearly enunciated goals and policies.

«What is remarkable is that such an outlook pervades at a time when the world is grappling with serious issues affecting growth across all major economies. In this environment of poly-crisis and uncertainty, India has emerged as a beacon of growth and will remain the fastest-growing major economy in the world this year,» he said.

Puri said India's resilient growth is a testament to the slew of policy measures unleashed by the government under the leadership of Prime Minister Narendra Modi. «Some major policy initiatives include tripling of public capex, best-in-class public digital infrastructure, the PLI scheme to attract private investment in focus sectors, establishing strong Farmer Producer Organisations supported by a multi-stakeholder integrated agri-stack to empower farmers, targeted welfare spending leading to impactful delivery of grassroots benefits; and many more,» he said.

The progressive policy environment together with favourable demographics and India's growing stature on the world stage have led to heightened interest in leveraging India as a global hub for manufacturing, services and exports, Puri said. Stressing that it is being widely acknowledged that this is India's moment, he said, «India's large and growing consuming market is expected to fuel higher growth, and estimates suggest that India's middle