BW Summit: Trends that could propel the Indian economy towards massive growth
At the recent launch of BW Businessworld Marketing Whitebook 2019, brand experts spoke about trends sharing the future of Indian economy
At the recent unveiling of the BW Businessworld Marketing Whitebook 2019 in Mumbai, a CEO Roundtable: A USD 10-trillion India by 2032, was organised and was attended by Devendra Chawla, MD & CEO, Spencer Retail, Herjit S. Bhalla, MD, Hershey India and moderated by Anupriya Acharya, CEO, Publicis Media India.
Speaking about the noticeable trends in the Indian economy which could propel it to become an economic behemoth, Herjit S. Bhalla, MD, Hershey India, said, “If we look at few trends, first and foremost is our demographic advantage —our population. Latest reports suggest that our working population is greater than ever and it opens up new opportunities. We are evolving towards the middle of the pyramid economy and it has a huge potential to swell.”
Bhalla also spoke about the rise of nuclear families which according to him has unleashed a new wave of consumerism.
“We are witnessing the emergence of nuclear families and these families are spending 30-40% more per and on top of that is digitisation. I think these are all some big opportunities that could result in massive economic growth as we go ahead”, added Bhalla.
Commenting on the scope of the Indian economy and the trends on ground, Devendra Chawla, MD & CEO, Spencer Retail, said, “Apart from the connected economy, thanks to social platforms, I can see the rise of subscription-based economy too and I am a firm believer in shared economy which will shape up strongly with time.”
When asked how organisations could become future-ready to meet the demands of an aggressively growing economy, Chawla added, “I believe agility will matter a lot since business models are under stress. And this is true for any industry, every industry is going through disruption. So organisations need to make sure that they are learning all the time and are taking risks to stay relevant.”
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