Mumbai | 12th January 2024: YES BANK, one of India’s leading private sector banks, in collaboration with CNBC-TV18 and Max Life Insurance, recently organised ‘The Growth Summit – Envisioning a $10 trillion Economy. The launch event was held in Mumbai on Thursday, the summit brought together policymakers, industry stalwarts, startup visionaries, and academic luminaries to deliberate on critical aspects pivotal to India’s economic advancement. Central to the discussions was the government’s ambitious 25-year roadmap aimed at positioning India as the world’s third-largest economy, with a targeted GDP of $10 trillion.
In the opening remarks, Mr. Prashant Kumar, Managing Director & CEO, YES BANK, said, “This is a first-of-its-kind initiative presented by YES BANK, along with CNBC-TV18. This summit is aimed at envisioning India’s path to self-reliance and economic prosperity. Bringing together business leaders, policymakers, experts and visionaries to explore how the key factorial strength and latest business trends can be leveraged to accelerate our nation’s economic progress towards a $10 trillion economy. Transferring India from a services-dominated economy to one that is powering growth on the back of its domestic manufacturing. The Indian government has outlined its long-term strategic focus aligned with the Hon’ble Prime Minister’s vision of a strong and developed India in the nation’s 100 years of Independence. I would like to thank everyone for being part of this journey of achieving a $10 trillion economy roadmap.”
During his address, Mr. Kumar announced the launch of ‘Yes Private’, the bank’s newest market offering that aims to partner HNI Business owners and C-Suite executives in their endeavor 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 program also lays out extraordinary privileges and experiences for clients pertaining to their distinct lifestyles in India and abroad.”
In an engaging fireside chat on ‘Getting India Ready For Business’ featuring Ms. Arundhati Bhattacharya, CEO & Chairperson of Salesforce India, she said, “Boosting social infrastructure through smart investments is key to moving forward, as shown by the various government’s schemes. They aim to lift up the most vulnerable groups – like the poor, women, students, and farmers – who make up a big part of our population. Without achieving parity in productivity between women and men, the goal of attaining a $10 trillion economy by 2030 will remain elusive. Farmers haven’t reached their full potential yet. Our youth, who is the strength of our country, needs support. India will always be a basket of talent.”
The day progressed with a thought-provoking panel discussion on ‘Kickstarting Private Investment: Risks, Rewards & Requirements’, where panellists Vineet Mittal, Chairperson of Avaada Group, and B Thiagarajan, MD of Blue Star, exchanged insights. Subsequently, a candid conversation with Indian Tennis Player & Grand Slam Champion/World No.1 Rohan Bopanna captivated the audience.
The evening continued with an engaging fireside chat, exploring the themes of ‘Opportunity Meets Optimism: Making The Most of India’s Moment.’ Dr. Anand Deshpande, Founder & CEO of Persistent Systems, shared valuable insights, stating, “It is very clear that India will get to a $10 trillion economy mark and I am very excited about that. In addition to engineering and other investments that we are looking at, we need to focus on some level of research and the higher end of the food chain in some sense. While we do this, we need to focus on entrepreneurship, especially at the grassroots level and their communication of education and entrepreneurship would be the two things that I would focus on. I believe that we need to move towards a world where there is continuous learning and the facilities of practical knowledge at educational institutions. India has the potential to be the leader, we have the largest number of people who know how to use AI and other software.”
The event transitioned seamlessly into another fireside chat featuring Mr. Praveer Sinha, CEO & MD of Tata Power, discussing ‘Investing Today in Tomorrow’s Growth.’ While giving insights into India’s energy transformation, Sinha said, “The power sector has undergone significant transformation over the past two decades. We’ve witnessed a doubling of capacity every decade: from 100 gigawatts in 2000 to 200 gigawatts in 2010, and currently exceeding 430 gigawatts. Ensuring affordable electricity access for all consumer categories remains crucial.”
The concluding panel discussion titled ‘Shaping A New Growth Mindset Through Innovation & Ideas,’ highlighted luminaries such as Shailesh Dhuri, CEO of Decimal; Neeraj Jain, Director of SolarSquare Energy and Riddhi Jhaveri, Director Intermed Laboratories, Sanjeev Prabhu, MD Lizmontagens India. It was followed by The ‘Masterclass on Brain Mapping’ by Kumaar Bagrodia, Founder, NeuroLeap.
The closing note was delivered by Ranbheer Singh Dhariwal, CEO, Max Life Pension Fund Management, concluding the summit on a high note.
CNBC-TV18’s ‘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, 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 to be held in Ahmedabad, Bangalore, Delhi & Hyderabad.