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breaking news India’s potential to maintain 7-8% GDP growth is impressive: Mckinsey

The global economy is currently facing uncertainty and recessionary pressures, but India remains resilient in the face of this volatility. In an exclusive interview with CNBC-TV18, Bob Sternfels, Global Managing Partner at McKinsey & Company, said India’s potential to sustain GDP growth of 7-8% is impressive. He also believes that India is going to be the workforce of the world.

Sternfels said: “There are a lot of challenges there and India is not immune to those. However, if you look at India’s potential, it is not unrealistic to maintain GDP growth of 7-8% per year until India’s 100th birthday in 2047. India is the workforce of the world. By 2050, India will be home to over 20% of the global workforce, so India will be the global workforce.

He added that the future of supply chains lies with India, but affirmed the importance of reimagining globalization rather than embarking on a dynamic of “decoupling”.

“The future of supply chains is going through India and you see it unfolding and everyone is starting to think about resilient supply chains and there’s up to a trillion dollars of opportunity just in India reimagining supply chains. There are also 650 million people who are digitally savvy today in India and thinking about the future of digitalization and technology. So if you mix those things up, I am more optimistic than pessimistic, so I believe this is India’s century,” Sternfels added.

Watch the video for the whole conversation.

(Edited by : Anouchka Sharma)


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