MUMBAI [India], December 17 (ANI): India has emerged from a period of economic stress and global disruption with renewed strength, setting the stage for sustained long-term growth, K.V. Kamath, Chairman of Jio Financial Services, said on Wednesday, crediting Indian industry for rapidly repairing balance sheets and rebuilding confidence after the COVID-19 pandemic.
Speaking at a leadership forum titled “Holistic Leadership for an Inclusive World,” organised by the Confederation of Indian Industry, Kamath described the post-2020 period as a decisive inflection point for the Indian economy. He said corporate India responded to workforce shortages and operational disruptions by improving efficiency and increasing automation, which translated into stronger profitability.
“If anybody does an analysis of pre-COVID profitability and post-COVID, you will see Indian balance sheets come out much stronger,” Kamath said, noting that companies also reduced debt levels, enabling banks to clean up non-performing assets.
The speed of the recovery, he added, surprised even policymakers. Kamath recalled chairing a Reserve Bank of India committee that had estimated Rs. 8–9 lakh crore of corporate debt would require restructuring. “Instead of Rs. 8.5–9 lakh crore coming up for restructuring, all that came up was Rs. 45,000 crore,” he said, describing it as proof that Indian industry reinvented itself within a year of the pandemic shock.
Addressing concerns over capital availability, Kamath dismissed fears of constraints, drawing parallels with India’s telecom revolution and renewable energy adoption. He said perceived limitations have often disappeared through technological leapfrogging. “Everywhere people used to say we are late to the party, and within a couple of years that constraint was no longer a constraint,” he said.
Kamath underscored infrastructure as both a necessity and a powerful growth driver, arguing that investment decisions should be evaluated through their economic multiplier effect. “Every single act of investment is accretive to GDP growth,” he said, pointing to highways, logistics networks and urban renewal as key catalysts for competitiveness and agricultural diversification.
He also highlighted digital public infrastructure as India’s most visible differentiator on the global stage. Platforms such as Jan Dhan, UPI and digital payment systems have enabled financial inclusion at scale, allowing millions to transact, save and invest digitally for the first time, he said.
Looking ahead to India’s centenary of Independence in 2047, Kamath said physical infrastructure and intellectual property-led growth would act as twin engines of the economy. With entrepreneurship on the rise and national capabilities expanding, he struck an optimistic note. “There was never a better time to have been born an Indian,” he said, adding that discipline and skills development would be critical to achieving the vision of a developed India by 2047.
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