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Ahmedabad: Global consultancy KPMG India's CEO, Richard Rekhy, on Friday said economic slowdown in many countries has provided a great opportunity for India to be at the centre stage of the world.
Addressing management students at the 'Confluence-2014' held at Indian Institute of Management, Ahmedabad (IIM-A) here, Mr Rekhy also listed several challenges which the country needs to overcome to become the superpower.
"Chinese economy is slowing down, while US economy is fluctuating. This is the best opportunity for India to get the centre stage. The new government (Centre) came into power at the time when we are having $300 billion in foreign reserves. There can't be a better time than this," he said.
He also pointed out several challenges, which he termed as 'global mega-trends' that India needs to face in the coming years.
"By 2030, 60 per cent of world's population will be middle class. Thus we need to build new cities and create infrastructure for this population. We also need a plan to address issues like education, health-care and water crisis," he emphasised.
He said that rising dependence of automation in manufacturing sector will affect new job creation.
"Indian economy cannot grow without manufacturing base. Though we are now focusing on 'Make In India' mission, we should understand that jobs will not be created by manufacturing sector but by service sector," he added.
Instead of becoming economic superpower, he stressed on how India can rise as a 'responsible superpower' by helping other nations.
"Recently, India ranked 142nd in 'Ease of Doing Business' criteria in the world. India needs to bring changes in regulatory framework. Government also needs to cut Income Tax rates."
"Instead of earning revenues from taxes, government should generate revenue by providing services to people," Mr Rekhy added.
Best Time for India to Become Superpower: KPMG - NDTVProfit.com
Addressing management students at the 'Confluence-2014' held at Indian Institute of Management, Ahmedabad (IIM-A) here, Mr Rekhy also listed several challenges which the country needs to overcome to become the superpower.
"Chinese economy is slowing down, while US economy is fluctuating. This is the best opportunity for India to get the centre stage. The new government (Centre) came into power at the time when we are having $300 billion in foreign reserves. There can't be a better time than this," he said.
He also pointed out several challenges, which he termed as 'global mega-trends' that India needs to face in the coming years.
"By 2030, 60 per cent of world's population will be middle class. Thus we need to build new cities and create infrastructure for this population. We also need a plan to address issues like education, health-care and water crisis," he emphasised.
He said that rising dependence of automation in manufacturing sector will affect new job creation.
"Indian economy cannot grow without manufacturing base. Though we are now focusing on 'Make In India' mission, we should understand that jobs will not be created by manufacturing sector but by service sector," he added.
Instead of becoming economic superpower, he stressed on how India can rise as a 'responsible superpower' by helping other nations.
"Recently, India ranked 142nd in 'Ease of Doing Business' criteria in the world. India needs to bring changes in regulatory framework. Government also needs to cut Income Tax rates."
"Instead of earning revenues from taxes, government should generate revenue by providing services to people," Mr Rekhy added.
Best Time for India to Become Superpower: KPMG - NDTVProfit.com
