India may expect double-digit growth in FY2022

Kolkata, Apr 12 (UNI) India may expect double-digit growth in FY2022.

Deloitte global chief Punit Renjen is very bullish about India’s future and economic potential.

According to Deloitte India’s forecast, India may expect double-digit growth in FY2022. This is due to various factors like – Pent up consumer demand; widespread vaccine deployment; improved consumer and business confidence; increased government spending, sufficient liquidity and reforms undertaken by the government.

Even before the pandemic, many were predicting “Indian Century” given the central role India is playing in developing the technologies of tomorrow, its large domestic market and its contributions to the global economy. India has capitalized on its incredible wealth of raw talent. IT services companies and the Global Capability Centres in India– run by skilled Indian technicians – ensure global operations not only run seamlessly but step up with digital, cybersecurity and analytics to drive value. In a grim year, this truly illustrates the value of a dependable business partner with a global enterprise.

In the next decade, India will have the highest population of young people in the world – will they have the skills to lead the economy forward? And how is India preparing for the same? Jobs of tomorrow will focus on technologies like AI, Cloud, and Cyber – new skills will be required.

Path forward is clear – to attract foreign investment and avoid greater economic inequality, India must maximize the potential of young talent, create universal access to quality education. India’s National Education Policy is a powerful start. And with foreign investment, there are great opportunities to create jobs in the country’s food processing, pharmaceutical, defence, space, textile, and electronic sectors.