India Well-Positioned for Growth Despite Global Challenges: ITC's Sanjiv Puri
India is expected to grow at 6.5% in 2024 in spite of the global economic challenges, led by robust policy measures, ITC Chairman Sanjiv Puri said. He pointed out India's strategic positioning in global value chains, saying, "Despite global challenges, India is doing well. There are huge opportunities, and the world is searching for resilient value chains".
The services sector of the country remains a favorite for investment, especially in Global Capability Centers (GCCs), as multinationals scale up their presence in India. Puri highlighted competitiveness, human resources, and trade agreements as the areas of priority to ensure that growth is maintained. He commended the government for negotiating Free Trade Agreements (FTAs), which he said were opening up new channels for Indian industry.
Rural demand is also picking up, underpinned by a good wheat crop, but increasing temperatures are a worry. Puri also referred to continuous reforms, increased investments, and employment generation as major drivers of growth. Furthermore, relief measures in income tax have also boosted consumer confidence.
But he warned that food inflation is a key risk, given its persistence. Another big challenge is dumping of excess capacity products by global players that constrains opportunities for domestic and international markets for Indian companies.
ITC's market capitalization is Rs 5,09,825 crore. Its share is now priced at Rs 407.40 on the NSE at 3:34 pm, down 4% in one year.
