20 Nov 2021 19:29 IST

‘We need to produce more entrepreneurs than hustlers’

Speaking at ICFAI webinar, Mohan Guruswamy says India’s middle class will rise rapidly in next 5 years.

Mohan Guruswamy, Former Economic Advisor, Government of India, said, “Urbanisation will re-shape the world, the more we urbanise; the more we grow,” at the 31st webinar conducted on November 19, 2021. The discussion was held on the topic “Crisis in World Financial Management: Implications for growth for Indian Business.”

Guruswamy, in his speech, explained the world economic scenario through a detailed presentation with all the latest trends. He observed that “the current economic situation of the world is quite healthy and so are the prospects of India’s financial growth. The world trade is 37.7 per cent and growing at 2.6 per cent per year. During the last decade, India contributed at 9.9 per cent to the world economy and is placed sixth at the moment".

“India has $640 trillion as foreign reserves as on November 12, 2021” said Guruswamy. “India’s middle class will rise rapidly in next five years and it will compete with some large players like China and the US in terms of the GDP,” he added.

Explaining the US’s superpower in the world economy, Guruswamy said that India and China produce goods at low cost and export it to the US and they deposit the money in US banks. Therefore, the US banks have the opportunity to fund their citizens with more loans to enable them to lead a luxurious life.

Answering to a query in the Q&A session, Guruswamy opined that India needs to popularise the brands more rather than the commodities to increase the exports. The webinar was moderated by Prof. R Prasad, Director - Academic Wing, ICFAI Group and Prof Sudhakar Rao, Director – Branding, ICFAI Group.

About 250 participants including entrepreneurs, research scholars, working professionals from various parts of the country registered for this webinar, which also live streamed on Facebook. The webinar is a part of the ICFAI’s WiseViews Interactive Webinar Series conducted every Friday at 7.30 pm.