Why This Is India’s Decade | Speech by Ridham Desai | Markets & Economy 2023
United Way of Chennai is a non-profit entity working in the verticals of education, health, environment, livelihood, and sustainable energy. We join hands with CSR partners in working for various causes. Apart from our engagement with corporates, we have our annual fundraising event, Markets & Economy. In the 12th edition of our annual fundraiser, Mr. Ridham Desai, Managing Director, Morgan Stanley India discussed on Why This Is India’s Decade.
Mr. Desai discussed on the report titled ‘Why this is India’s decade?’ The research department at Morgan Stanley observed four mega trends – demographics, deglobalization, decarbonization and digitalization that will grip the world over the next couple of decades.
Mr. Desai highlighted that ‘India is essentially set to become the factory to the world.’ He mentioned that in the upcoming decade, India will account for one-fifth of global growth; India’s GDP will reach 8 trillion-dollar mark; India will become a ten trillion-dollar market cap for equity market investment; credit to GDP will rise to 100 percent; and the income pyramid will see a great shift. Quoting Mr. Desai, ‘the per capita income will go up from $2000 to $5000′.
A few of his major reflections are that ‘Aadhar is a unique technology that gears the growth of India. The Open Network Digital Commerce (ONDC) will revolutionize the way India does e-commerce and Open Credit Enablement Network (OCEN) which will change the way in which India lends and borrows money. The per capita energy consumption will rise over 60% in the next ten years in a non-disruptive way.‘
Mr. Desai also discussed about India’s commitment to create cleaner energy sources through our ratification of the Paris Global Climate Agreement.