India's Economic Crisis Seen as Catalyst for Long-Term Reforms, Experts Suggest

India Must Leverage Global Uncertainty to Drive Reforms and Technological Self-Reliance

India must capitalize on the current global uncertainty to implement deep reforms and pursue technological self-reliance if it wishes to achieve its vision of Viksit Bharat by 2047. This was emphasized by Nilesh Shah, Managing Director of Kotak AMC, at CNBC-Awaaz's 'Bharat Economic Samvad'.

Drawing parallels with the 1991 economic crisis, Shah noted that moments of disruption often create the strongest foundations for long-term growth. India has another chance to strengthen its economic base through structural changes, leveraging the current uncertainty to drive reforms. This approach can help the country avoid wasting opportunities to reform, as Shah pointed out.

Shah highlighted concerns over India's dependence on data and technology, warning that the country risks losing control in the digital economy if it fails to build its own capabilities. India is currently giving away data in exchange for tokens, a situation reminiscent of the East India Company's historical exploitation of the Indian subcontinent. To address this, Shah called for a stronger push towards technological self-reliance.

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According to Shah, India cannot afford slow growth if it wishes to become a developed nation. Instead, the country must aim for double-digit expansion, mirroring the rapid transformations seen in China and South Korea. India's talent advantage is a key factor in achieving this goal, and Shah emphasized the need to create conditions that encourage skilled Indians working abroad to return and build businesses at home.

India already has examples of entrepreneurs building world-class technology domestically, as seen in the success of Agnikul Cosmos founder Srinath Ravichandran. Shah highlighted the importance of supporting innovators creating advanced technology companies within the country, rather than solely celebrating global Indian executives like Satya Nadella and Sundar Pichai.

Note: GDP growth rates are subject to revision and may not reflect the most up-to-date figures.

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