Airtel Sees Growth Opportunity If $35-Trillion Economy Aim Is Achieved By 2047, Says Chairman

Bharti Airtel Ltd. expects to see enormous growth opportunities and new business avenues if India achieves it's goal of being a $35-trillion economy by 2047.

5G will play a critical role in accelerating growth of India's digital landscape, according to Chairman Sunil Mittal. The telecom company is committed to being at the forefront of this intersection and working with policymakers and multiple stakeholders for achieving this goal, he said.

India's push on digitisation has made it an outlier in terms of delivering both public services and goods to the last mile, he said. The telecom industry's significance as an economic multiplier is only likely to increase, Mittal said.

"As India moves towards the ambitious goal of being a $35 trillion economy by 2047, your company will have tremendous opportunities for growth and new avenues of business," Mittal said in the company's latest annual report.

The chairman expressed confidence in the company's ability to continue to break new ground in being a leader of India's digital transformation journey.

The digital highway Airtel built with an investment of more than $50 billion, is empowering individuals and businesses with secure and reliable digital solutions, he said.

The past year saw strong growth, he said, attributing it to digitisation, driven by increased internet penetration, widespread adoption of Digital Public Goods and a surge in internet-based activities.

The country's digital public infrastructure gained international attention for its mass adoption and cost-effectiveness, Mittal said.

"The digital economy of India today contributes about 11% of the country's GDP, underlining the commitment from various stakeholders, including the private sector, in ensuring that India achieves its vision of a $1 trillion digital economy at an exponential pace," Mittal said.

The Indian economy recorded a steady growth of 8.2%, outpacing several major economies and retaining the title of the world’s fastest-growing economy, he said.

"Supported by a strong foundation of progressive reforms, domestic demand and a fillip to trade with the push on infrastructure spends, the country’s growth saw deft, cogent decision-making from the Central Bank in navigating global challenges," he noted.

He pushed for sustained investment in critical sectors such as manufacturing, logistics, infrastructure, and supply chain will enable private-sector participation and propel economic growth.

Fiscal 2024 was a year of accelerated investments for the industry, as operators rapidly rolled out 5G services across India, he said. "Airtel's bold decision to deploy 5G on non-standalone network architecture paid off on all fronts—be that in customer experience, independent validation on network quality or prudent capital allocation."

(With inputs from PTI).