According to former SEBI and LIC chairman G N Bajpai, the Indian economy is growing favourably and all structural reforms are now becoming available.
“India will undoubtedly experience a recession, but only very minimally because our exports are not much impacted. Indian economy is majorly driven by domestic factors,” he addressed at the Business Today Golf event of the 2022-23 season.
This comes after international consulting firm EY revealed its growth forecast for India, estimating that by 2047—the 100th year of India’s independence—the country’s economy will have grown to a $26 trillion GDP. According to EY, the percapita income is predicted to rise to $15,000 placing the nation among developed countries.
According to the “India@100: Realizing the Potential of a $26 trillion economy” report, India will enjoy robust services exports worth $254.5 billion in 2021–22. This includes a strong position in IT and BPO services exports.
The country can now take advantage of a larger share of transformational and more complicated, expertise-based services to grow the IT services sector more quickly, according to EY.
Regarding the impending Union Budget, Bajpai claimed that the political leaders in office have been acting extremely responsibly in terms of the budget imbalance. He claimed that even after the general election, despite its impending date this situation will persist.
“Fortunately for them, there is a good growth in the revenues so they have a levy to keep pushing infrastructure investments,” he added.
The former head of LIC also predicted that insurance penetration in India will rise rapidly.”The economy is doing well and people have more money to put into an investment,” he further said
“The current Insurance Regulatory and Development Authority (IRDA) chairman Debashish Panda is of a very progressive mind. He has been trying to liberalise in order to help grow the industry fast,” Bajpai said.
He also highlighted how the game benefits him in his work life while speaking at the BT Golf event. He stated, “Golf is a mind game and requires exceptional management. It’s all about thinking, deciding what has to be done, and taking the “strokes” into account accordingly.”