Bharat Petroleum Corporation Chairman S Varadarajan has said that India’s growth story is yet to begin.

In his opening remarks at the 33rd annual national management convention of the Kerala Management Association, he pointed out that India’s per capita income is expected to treble by 2020.

Expressing a positive outlook on India’s burgeoning population, Varadarajan pointed out that almost 64 per cent of Indians will be under the working age group of 15 to 59. The urban population will be 32 per cent and the rural Indian population comprise 240 million households, which translates to around 70 per cent of the country’s population.

This section of the population will contribute to $100 billion to the FMCG industry by 2025, he added.

“But everything is not rosy,” he said taking a cautionary tone. According to the latest World Bank report, India has slipped to 134{+t}{+h} position when it comes to the ease of doing business. This is really worrying because if an entrepreneur has to go through 35 procedures just to get a construction permit; it is going to really reflect in the kind of investment and growth which we are expecting to happen.

Later speaking at a technical seminar, R Ramakrishnan, Vice-Chairman, Joint Managing Director and Group CEO, Polycab Wires Ltd urged the government to focus on execution rather than policy pronouncements.

Speaking on the theme Delivering Quality and Economic Value to Customers, he stressed on the need for immediate reforms to unleash the potential of the country’s economy. Great efforts should be made by the government and the business fraternity to promote and strengthen ‘Brand India’, the identity of which has been tarnished by many socio-political factors.

V.K. Mathews, Executive Chairman, IBS Group of Companies emphasised that companies look forward to collaborate with other companies to face the challenges of the future. In order to provide value to customers, businesses must “make a promise and deliver the promise.”

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