CHENNAI: India will soon see a visible uptick in investments, according to Ajay Piramal, chairman of Piramal Group and Shriram Group. On the back of the government’s spending in the public sector, initiatives such as demonetisation and goods and services tax would help the country achieve high and sustained GDP growth.
“With investment going, the GDP numbers will also go up, following which people will be confident of investing in,” he said while speaking at the 13th annual convocation of Great Lakes Institute of Management here on Wednesday. He added that private companies will also invest once they see the GDP numbers are on the rise. He noted that the services sector continues to create employment even as manufacturing job generation are slow.
Piramal added that the policy of various countries opposing immigration is mainly towards those people who come with their own issues. Indians have only contributed positively to those societies. “It is the strength of the immigration that has made the US become what it is today,” he stressed while speaking to Express on the sidelines of the event.
Piramal also narrated his own experience in business. He said that he took over their textile business at the age of 29 and it was a very difficult time for the industry back then. “Textile mills are not a very high-margin business and we decided to venture out and look beyond textiles. That is when we entered the pharmaceuticals business. That, in some ways, changed the fortune of our group,” he recalled, adding that those who remained in the textiles business faded away. “Because we had the courage to choose a different path, we succeeded,” he added.
Job Outlook
Indian graduates will have plenty of job opportunities globally. Indians have garnered huge respect worldwide in various fields.