India's growth mindset has made it a destination for investments but the country needs to bridge the huge technological gap with China to meet its ambitious targets, according to Vallabh Bhanshali.
India's "balance sheet" has improved under the Modi government, Bhanshali, chairperson of Enam Holdings Pvt., said referring to the country's finances and expressing optimism about the country's growth.
After demonetisation, the Modi government introduced GST to ensure revenue generation and solved the bank bad loan problem and strengthened the balance sheets of companies, he said.
But, according to Bhanshali, the country needs to learn from China. "In 40 years, China has achieved self-reliance and strategically ensured that no other nation stands as close."
"In the past eight years, China has made significant strides in the semiconductor space," Bhanshali said. "Despite America's best efforts, China successfully introduced its nano chips and manufactured phones for global export."
India has a huge technological gap, prompting the need to set ambitious targets to bridge this divide and capture inherent value, Bhanshali said. The objective is to move beyond being a service-oriented economy and avoiding the risk of becoming merely a job worker for the global market, he said.
Bhanshali acknowledged that the government is working in this direction. The manufacturing sector is now receiving significant support from the government through production-linked incentives and various policies, he said.
Foreign companies investing in India are poised to contribute to the expansion of India's consumption basket, he said. There is no sign of a slowdown in demand and "India has the potential to be the largest destination of all kinds of capitals".
Bhanshali expects the Modi government to return to power with a majority after the next Lok Sabha polls.
Elections may come and go, he said, but the policies India has in place are guiding the nation in the right direction, fostering growth.
Ayodhya To Boost Indian Tourism
India is among the world's largest tourist destinations, leveraging its immense potential in areas like food, culture and religion, according to Bhanshali.
Ayodhya will become the biggest tourist spot in the coming years, he said. "This will lift Uttar Pradesh's economy, which will lift India's economy."
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