2 hrs ago
Ajay Piramal Urges Manufacturing and Skills Amid Uncertainty
Ajay Piramal said India has some important advantages during uncertain times.
One advantage is that India has many young people, while many developed countries have older populations.
He said India should build more things instead of relying mostly on services.
Manufacturing could create more jobs for people with basic or moderate skills.
He said areas such as electronics, precision manufacturing, and defense offer opportunities.
Piramal also said artificial intelligence can help companies give loans to people who previously had no credit history.
However, some workers may lose jobs as technology changes, so people should be trained for new work.
He also said businesses create wealth and that India should reduce economic differences between its regions.
These changes would help India pursue its goal of becoming a developed nation by 2047.
Ajay Piramal said India is competitively better placed amid uncertain global conditions.
He cited India’s large youth population as an advantage over aging developed economies.
Piramal urged greater focus on manufacturing, including precision manufacturing and defense, to create jobs for semi-skilled workers.
He said artificial intelligence can expand access to credit but may displace some workers, making reskilling necessary.
Piramal called for narrowing income and growth gaps between eastern and western and southern Indian states by 2047.
- Who
- Ajay Piramal, chairman of the Piramal Group.
- What
- He discussed India’s economic advantages, manufacturing needs, artificial intelligence, employment, wealth creation, and regional inequality.
- Where
- India; the specific event location is not stated.
- When
- At the launch of the Indian Chamber of Commerce’s centenary book; the article does not specify the date.
- Why
- He said India needs more manufacturing, worker reskilling, business creation, and regional economic development to create jobs and become a developed nation by 2047.
Key facts
- Speaker
- Ajay Piramal, chairman of the Piramal Group
- Event
- Launch of the Indian Chamber of Commerce’s centenary book
- India’s advantage
- A large youth population compared with aging developed economies
- Priority sector
- Manufacturing, including precision manufacturing, defense, and electronics
- Artificial intelligence
- Can help identify customers without prior credit records and expand access to credit
- Employment concern
- Some jobs may be displaced, requiring workers to be reskilled
- Long-term goal
- Narrow regional economic gaps and become a developed nation by 2047
Quotes
Ajay Piramal
Piramal Group chairman discussing India’s manufacturing priorities
“There will be some Display displacement of people working in certain areas. It's our responsibility to ensure that we can skill people there, to create newer opportunities for them to work.”
businesstoday.in
“It's businesses who create wealth, and then you can invest. So, I strongly feel about this that you should not have wealth management. It also makes you lazy gives you the wrong habits,”
businesstoday.in
Sources
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