This is India’s moment: ITC chief
ITC Ltd on Friday said that a progressive policy environment coupled with favourable demographics has helped turn the spotlight on India. “The progressive policy environment together with favourable demographics and India’s growing stature on the world stage, has led to heightened interest in leveraging India as a global hub for manufacturing, services and exports.
Indeed, it is being widely acknowledged that this is India’s Moment," said ITC chairman Sanjiv Puri, while addressing shareholders at the conglomerate’s 112th Annual General Meeting (AGM) held virtually. India’s large and growing consuming market is expected to fuel higher growth, and estimates suggest that India’s middle class would cross 1 billion people by 2047, accounting for 61% of the population, up from about 31% today, he added.
Puri pointed to general optimism around the country’s progress at a time when global economies are facing recessionary threats. “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," Puri said. Prudent fiscal and monetary policies, extensive reforms of the financial sector, together with stronger corporate balance sheets and better capacity utilisations augur well for higher levels of investment required to raise the growth trajectory, he added.
In FY23, ITC’s gross revenue stood at ₹69,480.89 crore, up 17.6% year-on-year. The company’s non-cigarette businesses now accounts for 67% of revenue and 28% of segment Ebitda or earnings before interest, taxes,
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