At the Oxford India Forum, Mohandas Pai, Chairman of Aarin Capital and former CFO of Infosys, shared an optimistic outlook on India's economic future, emphasizing the country's vibrant growth trajectory driven by its youthful population and innovative spirit.
Pai highlighted India's substantial economic expansion, noting, "We see huge growth happening in this country, and we're empowering problem solvers." He expressed confidence that India will witness the most exciting growth over the next five years, positioning itself as a major hub for tech-driven value creation, spurred by rapid digitization.
Pai praised India's burgeoning startup ecosystem, predicting that the nation will produce 250 unicorns (startups valued at over $1 billion) in the next two years. Currently, India boasts 138,000 startups, including 23,000 funded ones, contributing $550 billion in value. By 2032-33, these startups are expected to elevate India into a $10 trillion economy by accelerating business activities and enhancing productivity.
Highlighting India's innovation prowess, Pai cited the proliferation of AI startups (6,300), IoT ventures (2,000), and emerging sectors like AR, VR, and robotics. He noted that AI has become a horizontal technology accessible to all, with Indian entrepreneurs making significant contributions to the global unicorn landscape.
Pai also credited Prime Minister Narendra Modi's leadership for India's transformative progress over the past decade, lauding improvements in living standards and essential services. He emphasized India's robust democratic framework, citing the recent Lok Sabha elections as a testament to the nation's wisdom in choosing its leaders.
Reflecting on societal advancements, Pai pointed out positive developments in education, healthcare, and poverty alleviation. "Poverty has decreased. Deprivation is on the decline. More people are attending school, accessing better healthcare, and enjoying longer life expectancies," he remarked, underscoring ongoing improvements and optimistic prospects for India's future.
In conclusion, Mohandas Pai's address at the Oxford India Forum painted a picture of India poised for substantial growth, driven by innovation, entrepreneurial vigor, and inclusive development underpinned by democratic values.
