Strengthen Supply Chains, R&D as Robust GDP Growth to Fuel Opportunities, Says ITC’s CMD Puri

India must sharpen its focus on building resilient supply chains, and enhance investments in R&D and intellectual property to create strong Indian brands and address newer opportunities in newer markets with innovative products, ITC Chairman Sanjiv Puri said on Saturday.

India is a consumption-led economy and its robust trajectory of GDP growth will fuel opportunities across all sectors of economic activity, said Puri in a statement on social media platform ‘X’ and Linkedin.

Lauding the recent high GDP growth of 7.8% in the June quarter, Puri said, “It is indeed commendable” as India achieved that despite global challenges.

“It is indeed commendable, that despite global challenges, India’s GDP growth in the first quarter recorded a robust growth of 7.8%, one of the highest in the last 5 quarters,” he said.

According to Puri, India today is an “inspiring icon of resilience, growth and transformative opportunities” as it takes decisive strides towards becoming the world’s third largest economy.

“The economy undoubtedly stands on a strong foundation, powered by progressive policies and purposeful reforms as well as strong domestic drivers,” he said, adding that government vision for next generation reforms, particularly in GST, will also spur a virtuous cycle of consumption, investment and employment and augurs well for the economy.

“Traversing the momentous journey to a Viksit Bharat will indeed call for a sharper thrust on building resilient supply chains, enhanced investments in R&D and intellectual property to create proudly Indian brands that will not only serve the domestic economy in a true spirit of Atmanirbhar Bharat but also address newer opportunities in newer markets with innovative products,” he said.

India, which is today making “appreciable progress” as a global hub for manufacturing and a powerhouse of the service economy, can also become the food basket of the world with NextGen agriculture, he said.

Puri further added ITC Group remains committed to significantly investing in scaling up all its businesses and enhancing value addition in the economy through its large presence across Agriculture, Manufacturing and Services.