India has tailwinds: Ajay Piramal is optimistic about India's economic growth.

In the midst of global headwinds that have affected the growth of various economies worldwide, Ajay Piramal, the Chairman of the Piramal Group, recently shared his positive outlook on India's economic growth. During a conversation with Sourav Majumdar, the Editor of Business Today at BT Mindrush, Piramal stated that India has tailwinds instead of headwinds and that many large investors are interested in investing in India.

Piramal attributes India's positive outlook to its management during the COVID-19 pandemic. He commended the Ministry of Finance, the government, and the Reserve Bank of India for their handling of the situation. Piramal pointed out that India did the opposite of what most economists at the IMF and World Bank recommended. Instead of giving handouts, the country focused on targeted loans for the MSME sector, small businesses, and larger industries. Piramal also noted that India looked after the economically backward population by providing free food grains and direct benefit transfers. All of these measures helped the economy do well, even during the pandemic.

Despite global headwinds, Piramal believes that India is well-positioned to overcome them. He cited India's balanced role in the Ukraine-Russia conflict as an example. This helped keep the cost of energy under control. Piramal has also observed a lot of positive interest in India among foreign investors. He acknowledges that there are still hurdles to overcome, such as regulations and compliance. However, Piramal is optimistic about the government's willingness to listen to suggestions from the private sector.

Piramal believes that if regulations can be brought down, it will be beneficial for the country's economic growth. He noted that there are opportunities to give suggestions to the government, and many of them are taken on board. Piramal sees this as a positive step in the right direction.

India's economy has shown resilience during the COVID-19 pandemic, and Piramal's optimistic outlook reinforces this. While challenges such as regulations and compliance still exist, the government's willingness to listen to suggestions from the private sector and foreign investors' positive interest in India are positive signs for the country's future economic growth.

In conclusion, India has tailwinds that will help the country's economy grow and overcome global headwinds. The country's management during the pandemic and its balanced role in global conflicts are testaments to its resilience. Piramal's positivity about India's future economic growth is reassuring and gives hope for the country's future.

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