Viksit Bharat will need Indian brands that address newer markets with innovative products, says ITC chief Sanjiv Puri

Commenting on the country’s robust GDP growth in the first quarter this fiscal, ITC chairman and MD Sanjiv Puri has called for building Indian brands that focus on becoming global.

“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,” Puri said in a statement.

For Puri, the GDP growth numbers reflect the country’s resilience. He says that the economy has been able to reach this spot because of its strong foundation, policy support and reforms.

“As the nation takes decisive strides towards becoming the world’s third largest economy, it is today an inspiring icon of resilience, growth and transformative opportunities. The economy undoubtedly stands on a strong foundation, powered by progressive policies and purposeful reforms as well as strong domestic drivers,” Puri added.

Puri also lauded the Centre’s reform policies, including the recent GST rationalisation move, that are intended towards boosting domestic consumption.

“Prime Minister’s vision, expressed on India’s Independence Day, to unleash next generation reforms, particularly in GST, will also spur a virtuous cycle of consumption, investment and employment and augurs well for the economy,” he added.

He said that the GDP growth will fuel opportunities for all sectors, given India remains a consumption-led economy.

“India is a consumption-led economy, and its robust trajectory of GDP growth will fuel opportunities across all sectors of economic activity. India is today making appreciable progress as a global hub for manufacturing and a powerhouse of the service economy. The country can also become the food basket of the world with NextGen agriculture and realise the Hon’ble Prime Minister’s vision of putting one 'Made in Bharat' food product on every dining table across the globe.

He said that ITC will focus on investing in scaling its subsidiary businesses, as the FMCG conglomerate aims to enhance ‘value addition’ in the agriculture and manufacturing sectors.

“Given the promise of the Indian economy, the 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 & Services,” he added.