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With India projected to become the world's third-largest economy by 2027 and its stock market valuation poised to exceed USD 10 trillion by 2030, the current generation of students are the luckiest to see India grow like never before, Deepak Parekh said while delivering the Hari Shankar Singhania Memorial Oration after receiving the JKLU Laureate Award on March 27.
"It is true that some generations are luckier than others. All you youngsters here, you are undisputedly the luckiest of generations, given how India is developing and being perceived by the global community. Perhaps you had little control over the time of your birth, but you have control over witnessing and harnessing this once in a generation opportunity of seeing India grow like never before," the former HDFC Chairman said in his address. The JKLU Laureate Award 2024 was conferred on Parekh by JK Lakshmipat University (JKLU), Jaipur. Parekh's comments come just after global brokerage house Jefferies said that India's market capitalisation will likely touch USD 10 trillion by 2030, and India's GDP is projected to touch USD 5 trillion, making it the thrird largest economy by 2027. "We all know that India is likely to be the 3rd largest economy within the next three years overtaking Japan and Germany. Look at the trajectory, it took 60 years after independence for India to become a 1 trillion-dollar economy. We became a 2 trillion-dollar economy in 2014, and a 3 trillion-dollar economy in 2019. While the pandemic set us back but the next big leap of a 5 trillion-dollar economy is estimated to be in 2027-28. Many forecasts now estimate that this growth thrust will enable India's stock market capitalization to touch 10 trillion dollars by 2030 from the current level of 4.4 trillion," he said. "What has brought about this rapid change? India has held the tag of being the fastest growing major economy for a while now. The tailwinds of improved institutional strength and governance, the rise of entrepreneurship and stable political leadership has catapulted India into a zone where the world wants India and not the other way around," Parekh added. Offering advice to the youth, Parekh emphasized, "Beware of the pitfalls of financial greed and arrogance. Cultivate kindness, for while your work may fade, the impact of how you make others feel will endure. Embrace change fearlessly, and never cease learning. Take time to connect with both the elderly and the young, as they offer invaluable wisdom and perspectives." The Laureate Award instituted by JKLU symbolizes excellence and distinction. Speaking on the occasion RP Singhania, Pro Vice-Chancellor, JKLU said "With a vision for an empowered India by 2047 and a pledge to cultivate the potential of our youth, we chart a course towards a future brimming with opportunities and transformative progress. Let us forge ahead with unwavering resolve and perseverance, knowing that progress is assured when fueled by dedication and integrity." The Laureate Award is a part of JKLU celebrating visionary leaders who have played pivotal roles in shaping the course of our nation's journey. (ANI)
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