Bombay Chamber celebrates 189th Foundation Day, Kumar Mangalam Birla shares his vision of roadmap to Viksit Bharat

Speaking at the Chamber’s 189th Foundation Day, he said, “These four pillars will shape India’s future as a global leader. For Business, the government has done its bit by creating the enabling ecosystem and it is now for the businesses to drive growth forward. The large Indian companies of tomorrow will emerge from the entrepreneurs of today. In Innovation, India has demonstrated the power of public digital goods like Anna Yojana Scheme, Housing for All, etc. The need of the hour is to leverage tech across all sectors. As for Talent, globally Indians are creating or leading the biggest companies. India’s workforce is shifting from agriculture to more productive sectors. Industry 4.0 needs to adopt AI, ML, IoT and needs concerted efforts in education and skilling. In Sustainability, economic growth and social equity need to advance in sync.”

He commended the vast history of the Chamber in promoting the Mumbai region and serving as an effective vehicle between industry and the government. He added, “Viksit Bharat by 2047 is an inspiring vision and the Chamber’s mission statement captures this vision. Ten years ago, India was the 11th largest economy in the world. Today, we are the fifth and on the way to beating Japan to become the fourth largest economy. By 2030, 80% of households in India will enter the middle income group, up from the current 50%. This is the largest national development effort any economy has made. Initiatives like Aadhaar, Jan Dhaan, UPI have brought in financial inclusion. Urbanisation is on the rise, every minute 30 people are moving from the villages to the cities. By the next decade, 25% of the incremental global workforce will come from India - this will power Viksit Bharat.” He said 18-year-old chess grandmaster D Gukesh's recent historic win is emblematic of the rise of a new India, which is young and self-assured.

On the same occasion, Bombay Chamber of Commerce & Industry unveiled its much-anticipated report on Viksit Bharat @ 2047 setting the stage for India’s vision of development over the next two decades.

The report which was commissioned to Artha India Research Advisors, was unveiled by Pinky Mehta, President of Bombay Chamber & CFO, Aditya Birla Capital Ltd., alongwith key industry leaders including Sudhanshu Vats, Vice President, Bombay Chamber & Managing Director Designate, Pidilite Industries Ltd.; Sudhir Kapadia, Senior Advisor, EY India; Dr. Sachchidanand Shukla, Chairman, EPR&D Committee, Bombay Chamber & Group Chief Economist, L&T, Dr. Niranjan Rajyadhyaksha, Executive Director - Research & Strategy, Artha Global and Sandeep Khosla, Director General, Bombay Chamber.

Sudhir Kapadia, Senior Advisor at EY India, set the context for the report launch, providing deep insights into India’s economic journey and the strategic steps needed to achieve the vision of Viksit Bharat. His expert perspective framed the conversation, emphasising the importance of sustainable growth, innovation, and inclusive development for India to emerge as a global leader. Citing examples of Germany and Japan where the national resolve to rebuild post WW2 was palpable, he said that there need for a similar national resolve to achieve a Viksit Bharat.

The evening also saw an interesting Fireside Chat between A. Balasubramanian, Managing Director & CEO of Aditya Birla Sun Life AMC Ltd and Dinesh Kumar Khara, former Chairman, State Bank of India. The speakers discussed the change in growth dynamics, with India’s GDP growing by $1 trillion every three years, and explored the levers of growth such as the startup economy, AI, renewables, and the transformation of traditional industries. Looking ahead to 2047, they delved into how India’s economy and industries will evolve in the vision of Viksit Bharat and the need to effectively leverage AI for sustainable growth.

They also highlighted three key areas for focus: efficiency of capital, investment in talent and capacity building, and energy efficiency as critical to achieving long-term progress.

This was followed by a panel discussion on Viksit Bharat@2047: Blueprint for a Developed India. Moderated by Dr. Sachchidanand Shukla and including speakers like Sudhanshu Vats; Neelkanth Mishra, Chief Economist, Axis Bank; Dharmakirti Joshi, Chief Economist, CRISIL and Dr. Niranjan Rajyadhyaksha, it explored India’s path to becoming a developed nation by 2047.

Earlier in the day, Bombay Chamber hosted two events – the annual Sustainability Conclave themed Green Growth for a Viksit Bharat and the Smart City Leaders’ Conclave with industry experts deliberating on the topics.