And for a Friday as various International agencies are upping the forecasts for India’s Economic Growth story, some thoughts….. some musings…..
India had surpassed UK to become the fifth largest Economy in the world at 3.7 Trn$s and in terms of market capitalisation, the country has just moved to the fourth position ousting Hong Kong with its 4.16 Trn$s Marketcap. This is a significant milestone as it reflects the convergence of Global investors confidence and the opportunities in the country as the fastest growing large economy of the world. This achievement is largely fueled by the success of the large corporates managed by professionals and run by competent boards. These large companies not only optimise their short term profits, but seek long term value creation for all stakeholders including shareholders, employees, suppliers and the community at large. Now most good companies in India publish ESG reports along with their annual balance sheets. All listed companies in India have to abide by the SEBI prescriptions in addition to all the provisions of the Company laws. Indeed, the level of transparency in reporting and governance standards in listed entities in India are now almost at world class levels, reflecting the growth of marketcap and investor confidence.
The remarks of the Chief Justice of India upholding the SEBI report and discarding the unauthentic and unsubstantiated report by George Soros linked OCCRP, which was the basis of the Hindenburg report against the Adanis, has further strengthened the Indian corporate sector and revealed the rather unexplicable provocation of some of the western media against the positives of the Indian corporates. The relationship between medium and small scale industries with the large corporates is synergistic. Both need each other to be globally competitive. Governments need to be supportive to the corporates. That’s how the huge MNCs have succeeded all over the developed world. India now has a large number of excellent corporates; TCS, HDFC, WIPRO, Mahindra, Siemens, BOSCH, BASF, Murugappa Group, RPG, Aditya Birlas, Lalbhais, Mariwalas, Infosys, HUL, TVS, etc. etc. It’s a very long list of corporates with excellent ESG standards. They all need a level playing field, consistency in policies and a stable peaceful environment for business and economy to grow. All state governments recognise this and have now started competing with each other to attract these companies to their states. Tamilnadu Bengal UP, Rajasthan, Orissa Karnataka Rajasthan and Gujarat; all had global investors meet in recent months.
In these challenging global environment, every country is on its own. Economic independence is a must. Let’s all support the growth of India, the economic way, the sustainable way, the SEEGOS way.