February 23rd, 2024: The second edition of YES BANK and CNBC-TV18’s – The Growth Summit: A vision to a $10 Trillion Economy, in association with Max Life Insurance, was held in Ahmedabad, Gujarat. The event convened policymakers, industry leaders, startup founders, innovators, and academic experts to deliberate on crucial factors essential for India’s economic progress. Central to the Summit’s discussions was the government’s ambitious 25-year plan aimed at positioning India as the world’s third-largest economy with a GDP of $10 trillion.
In his opening remarks at the Summit, Mr. Prashant Kumar, Managing Director & CEO, YES BANK said, “Gujarat emerges as the cornerstone of India’s economic ascent, contributing a staggering 33% to the nation’s exports in FY 2022-23. With ambitions to reach a $1 trillion economy by 2030, Gujarat’s leadership extends beyond traditional sectors, fostering a thriving ecosystem for innovation and infrastructure development. As the world’s largest diamond hub in Surat and the birthplace of India’s first operational greenfield Smart City, Gujarat positions itself as the beacon of opportunity. The state is poised to absorb the influx of businesses seeking alternatives to China, catalysing India’s journey towards economic supremacy.”
During his address, Mr. Kumar announced the launch of ‘Yes Private’ in Ahmedabad, which is the Bank’s newest market offering that aims to partner HNI Business owners and C-Suite executives in their endeavour to leverage the opportunities on the road towards a $10 trillion Indian economy.
He added, “Yes Private has been thoughtfully curated to complement the retail and wholesale banking offerings in the market. It integrates the Bank’s expertise across the spectrum and brings a full-stack product suite for HNIs across Family Banking, Business Banking, Wealth Management and Succession Planning needs. The programme also lays out extraordinary privileges and experiences for clients pertaining to their distinct lifestyles in India and abroad.”
The event kicked off with a thought-provoking discussion on ‘Strengthening Indian Business from Within’ in conversation with Mr. Piruz Khambatta, Chairman & MD, Rasna, he stated “India’s growth narrative must encompass more than just development; it must address the challenges faced by its youth, including migration due to inadequate resources like clean water and air. India’s trajectory of growth, akin to that of South Korea, Germany, Japan, and China, is undeniable, yet we must define our unique growth model. As we navigate through discussions, let’s advocate for an inclusive ‘India model’ of growth that acknowledges both its benefits and challenges, fostering sustainable progress for generations to come.”
Subsequently, panel discussion on the topic ‘From India to the World: Unleashing A New Era of Global Ambitions’ with Ashish Soparkar (MD, Meghmani Organics), Dr Vishal Rajgarhia (Director, Finecure Pharmaceuticals Limited) Rajiv Gandhi (MD & CEO, Hester Biosciences) Chirag Pan (MD & CEO, Pan Healthcare) and Behram Mehta (Founder & MD, Aava Natural Mineral water) captivated the audience at the summit.
The event progressed with an engaging conversation on ‘India’s Role as A Global Hub of Growth’ featuring Mr. Jayen Mehta, MD, AMUL (GCMMF), where he said, “Agriculture is the base of our economy. However, in terms of numbers, still agriculture contribution is less than 20%. Hence, we need to support agriculture and farmers, while also working on doubling their income which is also the professor policy of the government. These efforts will help in supporting the number of people associated with agriculture which is more than 60-70% of the population. The country still depends on agriculture as part of its primary income. So this is where a combination of policies which are pro farmer, pro-development and pro market is the way forward for our country. So if you can build a bridge and if only 20% of us convert our regular food into organic food, the GDP from agriculture will rise. These are very, very small and objective steps one has to take and organisations like ours are working towards the same using the cooperative model and building the country.”
In a special address, Mr. Prashant Tripathy, MD & CEO– Max Life Insurance added, “As India makes significant strides towards its ambitious goal of becoming a 10 trillion-dollar economy by 2030-31, there’s a growing need for India Inc. to partner with the government and democratize the benefits of this growth. It’s imperative that we ensure the advantages of our economic progress reach every segment of the society. There’s a strong call for players in the life insurance industry to align their strategies with IRDAI’s vision of ‘Insurance for All by 2047’- which calls for inclusive insurance coverage for India at large. Further, innovation and customisation must guide our product offerings to cater to the diverse and distinct needs of modern consumers, while distribution channels need to evolve to deliver convenience at every touchpoint, be it digital or otherwise. As we move forward, cross-functional collaboration supported by collective action will serve as the cornerstone for fostering inclusive growth, contributing to the shared prosperity of our nation.”
The evening continued with an engaging panel discussion ‘Scaling the Global Value Chain’, with insights from industry experts Mr. Vineet Mittal (Director, Navitas Green Solutions) Dr. Viranchi Shah (National President, IDMA and Director, Saga Laboratories) Ms. Aditi Gupta (Managing Partner, Menstrupedia) Mr. Sandeep Mittal (MD, Corrtech Energy Ltd) and Mr. Ravi Bhamidipaty (MD, TCT Ventures). They shared valuable insights on navigating global markets, contributing to an enriching discussion for the audience.
Taking the evening towards its end a thought-provoking session conducted by Kumaar Bagrodia, leading Neuroscientist & Founder, NeuroLeap on ‘The Neuroscience of Investing’ was held.
Concluding the summit was the final enticing conversation between Shruti Mishra, Anchor, CNBC-TV18, and Mohammed Shami, Indian Cricketer. Talking about his journey, Shami said, “If your hard work and luck are in your favour, then I don’t think anybody can stop you. You just have to stay loyal to your game and keep working hard. I believe nobody can take away my luck from me. My family has been incredibly supportive and has played an integral role in my journey.”
The Ahmedabad edition of ‘The Growth Summit – Vision for a $10 trillion Economy’ underscored India’s trajectory towards economic prosperity, as industry leaders and experts converged to chart a path towards a $10 trillion economy. With diverse voices and ideas from different industries of Gujarat, the summit left an indelible mark on the audience and shared a unique vision for India’s journey towards achieving its ambitious economic goals. The upcoming Summits are to be held in Bangalore, Delhi and Hyderabad in the weeks to come.