The Cochin Chamber of Commerce and Industry conducted its CEO Forum’s – 13th Breakfast Meeting on Friday, 7th December 2018 at the Taj Gateway Hotel, Ernakulam.
Mr. K. Harikumar, Vice President of the Chamber delivered the Welcome Address and introduced the Speaker for the meeting. Mr. Manoj Mullath, Founder & Head – Wealth & Key Relationships, Capricorne Mindframe spoke on “The Indian Economy – Half Full or Half Empty.”
The economy of India is a developing one and today it is one of the fastest growing economies in the world and has the potential to be one of the top three global economic powers of the world over the next 10-15 years. But experts are of the opinion that the economy is in for a slow down due to tight financial conditions, stressed agricultural sector and slower exports.
Mr. Mullath gave the meeting an insight into India’s demographics like India’s share of world population, its current population growth, religion, ethnicity, India’s linguistic share vs. the world’s etc. He also mentioned that India contributes 3.27% to the World GDP and also explained its roller coaster ride in the capital markets for the past 34 years. One major revelation is that the Indian households have more gold than the total gold reserves of the USA, Germany and the IMF, he said.
As per latest data, the Indian economy grew at the slowest pace in three quarters at 7.1% GDP growth. But with effective reforms and techniques, India could bounce back. Mr. Mullath explained in detail how India could improve its economy. India is a country where unemployment is still an issue despite having a considerable literacy rate. Most of the employment generators have underperformed. In the case of investments also India is below par. Despite the facilitations, the investment cycle is elusive, he said.
Mr. Mullath explained the importance of manufacturing and how it can improve our GDP rate. With proper measures it can contribute 25% to GDP by 2022. Economists have said that the GDP deflator for agriculture is negative for the first time in many years. The farmers are earning less than what they were before. In this situation, by providing minimum support price and proper aid, the rural economy can be brought up.
We live in a digital age where anything and everything is at our finger tips. As per a World Bank study, 80% Indian adults own a mobile phone, equalling China. With proper measures and care, technology is one field which can be a major contributor to the Indian economy even though there are challenges in enhancing digital infrastructure in the country.
While naysayers say that the economy is on a downward spiral, optimists point out that India has experienced a shift of gears with the introduction of several policies. Depending on what we read and whom we listen to, we may conclude that the Indian Economy is either Half Full or Half Empty.
Ms. Nisha Menon, Director-Tax, PricewaterhouseCoopers India provided some quick bytes on Simplified GST Returns.
Mr. C.S. Kartha, Past President of the Chamber, presented a Memento to Mr. Manoj Mullath.
Mr. Shaji Varghese, Past President of the Chamber delivered the Vote of Thanks.
The interactive session concluded by 10 a.m with breakfast.