India’s 2047 goal of USD 35 trillion economy offers Airtel big growth opportunities

India’s strides towards the ambitious goal of being a USD 35 trillion economy by 2047, will provide Airtel tremendous growth opportunities and new avenues of business, Chairman Sunil Mittal has said.

Mittal said 5G will play a critical role in accelerating the vibrant growth of India’s digital landscape, as he asserted that Airtel is committed to being at the forefront of this intersection and working with policymakers and multiple stakeholders for achieving this goal.

India’s push on digitisation has made it an outlier in terms of delivering both public services and goods to the last mile, and observed that the telecom industry’s significance as an economic multiplier is only likely to increase.

“As India moves towards the ambitious goal of being a USD 35 trillion economy by 2047, your company will have tremendous opportunities for growth and new avenues of business,” Mittal said in the company’s latest annual report.

The Airtel top honcho exuded confidence that the company will continue to break new ground in being a leader of India’s digital transformation journey.

The digital highway Airtel built with an investment of USD 50 billion-plus, is empowering individuals and businesses with secure and reliable digital solutions, he emphasised.

The past year saw robust growth in digitalisation, driven by increased internet penetration, widespread adoption of Digital Public Goods and a surge in internet-based activities.

The country’s Digital Public Infrastructure or DPI gained international attention for its laudable mass adoption and cost-effectiveness.

“The digital economy of India today contributes about 11 per cent of the country’s GDP, underlining the commitment from various stakeholders, including the private sector, in ensuring that India achieves its vision of a USD 1 trillion digital economy at an exponential pace,” Mittal said.

The Indian economy recorded a steady growth of 8.2 per cent, outpacing several major economies and retaining the title of the world’s fastest-growing economy.

“Supported by a strong foundation of progressive reforms, domestic demand and a fillip to trade with the push on infrastructure spends, the country’s growth saw deft, cogent decision-making from the Central Bank in navigating global challenges,” he noted.

Sustained investment in critical sectors such as manufacturing, logistics, infrastructure, and supply chain will enable private-sector participation and propel economic growth.

Describing FY24 as a year of accelerated investments for the industry, as operators rapidly rolled out 5G services across India, he said “Airtel’s bold decision to deploy 5G on non-standalone network architecture paid off on all fronts – be that in customer experience, independent validation on network quality or prudent capital allocation”.