Indian entrepreneurs like Mahabharat’s Abhimanyu deserve a level playing field

From 2021 to 2022, India was rapid growth Selection subject Economy in the world. and the trajectory likely to Continue this year likewise.

We were the fastest growing major economy in 2021. We were the fastest growing major economy in 2022. And likely we will remain the fastest growing major economy in 2023. This is the first time in our independent history.For the third consecutive year, we are the fastest growing major economy in the world.

Could external shocks weigh on India’s growth? The answer is yes. Our economy will be affected if prices rise tomorrow due to the conflict between Russia and Ukraine.If the Federal Reserve raises interest rates much higher than current market expectations, the economy will suffer will be affected. But as long as we make the right decisions and work hard to build economic momentum, we will continue to do well.

Watch: Economy: Can India Beat Recession?

A few things need to be put in place to keep growing. Number one is investment. Let the world come and invest in India. In 2014, it attracted around 2.1% of global foreign direct investment (FDI). In 2021-22, he received 6.7% of his FDI in the world. With a magic wand, in 2023 he’ll be 10%. This is a lofty goal, but as more money comes in, more investment translates into more growth.

The second premise is an increase in domestic investment. Instead of Indian savings going abroad and being invested in gold, we need to support Indian gold entrepreneurs. So one factor is that both domestic and global capital must be available. Second, if capital is available, you should also invest.

Entrepreneurs need policy stability and the rule of law. Today our businessmen are like Abhimanyu of Mahabharat. Abhimanyu entered his chakravyuh and he was fighting the Kauravas in the hope that the Pandavas would come to his aid. In India, our entrepreneurs are Chakra Views by nature. He is fighting not only the cowlabs, which are the market and Chinese dumping, etc., but also the pandabus, which are government rules, policies and regulations.

In my view, the government must ensure support for locally-raised entrepreneur Abhimanyu. Abhimanyu must be made available for assistance. He needs real support so he can compete in the world. Therefore, we must improve the ease of doing business and give entrepreneurs the rule of law. You must provide them with capital and let their magic work. Indians are inherently great entrepreneurs. Patels took over the entire motel business when we went to America. Today, Indian entrepreneurs are becoming visible all over the world. The Indians living here must also be given a level playing field.

Digitization is our greatest advantage. If you want to transfer money from one bank account to another, it takes days in the West, but in India it’s instant. In the western world, if you need a vaccination certificate, it’s physical, but in India you can get it on WhatsApp. Efficiency is increasing due to digitalization. We are increasing productivity. And that creates multiple opportunities.

This government has done a great job making it easier to do business. However, it needs further improvement. I heard the other day that a German multinational company is making her $25 billion investment in China. They go there because their factory will start operations 12 months after him. They go there to get all the environmental clearances in three months. They were given land on a platter, so they go there.

Also, like China, we need to be more competitive to attract higher investment. We have improved many things compared to the past. But this is like a game of golf. Others are improving, so we must continue to improve as well.

The author is Managing Director of Kotak Mahindra Asset Management.

— As told by Amit Ranjan

(Disclaimer: The views expressed in this article are those of the author only. The opinions and facts in this article do not represent the position of News9.)