Competitive industries, youth are India's driving force: Kamath

Dubai: Global competitiveness of Indian industry, powered by a young population, will drive the country's economic growth momentum over the next decade, ICICI and Infosys non-executive Chairman K V Kamath has said.

The past decade has brought change to India at an unprecedented pace, Kamath said at the third Pan IIM Alumni Gulf Summit held here on Saturday.

"The benefits of this transition - global competitiveness achieved by Indian industry and the power of India's demographic dividend - will continue to drive growth in the decade ahead," he said.

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More than half the population of India's over 1.2 billion people is under the age of 25, making it possibly the youngest nation in the world, according to various experts who refer to the situation as demographic dividend.

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On building successful global brands and organisations, Kamath said, that requires strong leadership, entrepreneurial managers, consistent strategy, ability to trust and to manage multi-cultural environments.

Other speakers at the summit said emerging markets are going to generate close to two-thirds of the global economic growth.

"Emerging markets are expected to generate close to two- thirds of global economic growth in the next five years on the back of favourable demographics," Arif Naqvi, Group CEO of leading private equity manager, Abraaj Capital, said.

The high-profile event was organised by the UAE-based Alumni of the Indian Institutes of Management (IIM) and supported by title sponsors, ADCB.

Sheikh Nahayan Mabarak Al Nahayan, who patronised the summit, said: "We in the UAE have worked with the Pan IIM Alumni Network in Dubai and have admired the creativity and innovation, entrepreneurial spirit, and dedication to ethical, dependable, socially-sensitive hard work."

PTI