What is needed to make India a $10-trillion economy? Ajay Piramal, Falguni Nayar, SN Subrahmanyan & Rohit Jawa explore the possibilities in a panel discussion

digital revolution that’s overshadowed many global markets, rapid urbanisation, growth of the premium consumer segment, and an increasingly robust regulatory framework, India seems poised to achieve its target of becoming a $10-trillion economy.

Broad-based recovery, higher private capex, loans to tier II and tier III areas, better capitalisation of investments and a massive push on education and upskilling are critical components of this growth trajectory. Piramal Group chairman Ajay Piramal, Larsen & Toubro managing director SN Subrahmanyan, Nykaa founder Falguni Nayar and Hindustan Unilever managing director Rohit Jawa talked about what it will take for India to achieve its targets in a discussion moderated by Arijit Barman. Edited excerpts:

In the last one year, the retail sector has seen a decline in value and volume growth in rural and lower income markets. Is this year’s recovery because of a lower base or is consumption demand returning?

ROHIT JAWA: I am actually very optimistic and charged by what I have seen. I see an absolutely path-breaking revolution in digital or soft infrastructure and a massive transformation in hard infrastructure: boats, bridges, roads, airports. And that means that the productive capacity of the economy is being unleashed.

On consumption, every segment of ours is about a fourth or fifth of neighbouring countries like China and Indonesia. So, you can see inflection curves and all categories will go through an S curve. It’s unlikely to be a smooth straight path. I think we must