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The Print
28-04-2025
- Business
- The Print
Youngsters in India now prefer entrepreneurship over MNC jobs, earlier, none took up challenge of starting ventures: RBI Governor
Highlighting the shift, Malhotra said, 'When I left college, getting a job in a MNC was the preferred choice. None took up the challenge of starting a venture of his own. In recent years, however, a large number of engineering and management graduates are taking to entrepreneurship and start-ups.' New Delhi [India], April 28 (ANI): Reserve Bank of India (RBI) Governor Sanjay Malhotra said that the mindset of India's young generation has changed remarkably over the years, with many now preferring to become entrepreneurs rather than seeking jobs in multinational companies (MNCs). The Governor stated this during his speech at the US-India Economic Forum, organised by the Confederation of Indian Industry (CII) and the US-India Strategic Partnership Forum (USISPF), in Washington DC. He pointed out that this growing culture of entrepreneurship has helped India build a strong start-up ecosystem. Today, the country has around 150,000 recognised start-ups, supported by government initiatives such as Start-Up India, Digital India, and the Atal Innovation Mission. Malhotra said that India now has the third-largest number of unicorns in the world, with several emerging from high-tech sectors like Artificial Intelligence, fintech, and renewable energy. He also noted that India has improved its position significantly in the Global Innovation Index, climbing from the 81st rank in 2015 to the 39th position in 2024. Among lower-middle-income countries, India now ranks first. Emphasising the importance of using India's vast human resources effectively, Malhotra said, ' It is encouraging to note that India is fast becoming a nation of job creators rather than job seekers.' Speaking on government reforms, the RBI Governor said that digitalisation of various schemes, such as linking the public distribution system with Aadhar, has led to massive savings. The just-in-time flow of funds to state governments has also helped the Union government manage its cash flow better. He said 'Digitalisation of various government programmes like public distribution scheme with Aadhar as the backbone have also resulted in huge savings. Just in time flow of funds to State government has helped the Union government improve its cash flow management. He also added that initiatives like the Direct Benefit Transfer (DBT) have significantly improved the efficiency of government spending, with savings of around 40 billion USD recorded until March 2023. (ANI) This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
NDTV
28-04-2025
- Business
- NDTV
RBI Governor Sanjay Malhotra Asks US Industry To Invest In India
Washington: Reserve Bank Governor Sanjay Malhotra has exhorted the US industry to invest in India, stressing that the country continues to be the fastest growing major economy supported by policy consistency and certainty. Addressing the US-India Economic Forum organised by the Confederation of Indian Industry (CII) and US India Strategic Partnership Forum (USISPF) here on Friday, Mr Malhotra said that India is expected to record a growth rate of 6.5 per cent in the current financial year despite tremendous increase in uncertainty and volatility in global financial markets. "At a time when many advanced economies are facing economic headwinds and a deteriorating economic outlook, India continues to offer strong growth and stability making it a natural choice for investors seeking long term value and opportunity," the governor said. India, he added, "continues to be an economy supported by stability -- monetary, financial and political; policy consistency and certainty; congenial business environment; and strong macroeconomic fundamentals." Mr Malhotra said that India offers a policy ecosystem that is transparent, rule-based, and forward-looking -- an ideal setting for long-term and productive investments. As the world's fastest-growing major economy, India is not just a destination for investment, it is a partner in prosperity, he said, adding, "together, we have the chance to shape the future -- not only for India but for a better world. I invite you to be a part of this journey, to collaborate, innovate, and invest in India." Observing that the Indian economy has demonstrated remarkable resilience and dynamism, Mr Malhotra said that over the past four years (2021-22 to 2024-25), the country recorded an average annual growth rate of 8.2 per cent. "It was and continues to be the fastest-growing major economy in the world. This is a significant step up from the average growth rate of 6.6 per cent in the preceding decade (2010 to 2019)," he added. Even in the current financial year, he said that growth was expected to remain robust at 6.5 per cent. This, he added, "is despite the tremendous increase in uncertainty and volatility in global financial markets." Although 6.5 per cent growth rate falls short of India's aspirations, it remains broadly in line with past trends and the highest among major economies, he said. Mr Malhotra told the gathering over the last ten years, India has leapfrogged from the tenth largest economy to the fifth. In terms of purchasing power parity, India is already third. "Even nominally, we are poised to become the third largest economy shortly. We aspire to become Viksit Bharat, i.e., a developed economy by 2047, when we complete 100 years of our independence. While there is indeed a scope for India's growth trajectory to rise over the medium to long-term, I am sanguine of our continued success," the governor said. He further said India's financial sector is strong and vibrant, efficiently catering to funding requirements of various economic agents. The banking sector, which continues to meet the large funding requirements of the economy, has demonstrated resilience with healthy balance sheet. He said the soundness of scheduled commercial banks (SCBs) has been bolstered by strong profitability, lower non-performing assets and adequate capital and liquidity buffers. The health of the non-banking financial companies (NBFCs) sector is also robust. Bank credit growth, although moderating in recent months, continues to be in double digits (about 12 per cent) compared to an average of about 10.5 per cent in the last 10 years, he said. "We are committed to further enhancing the capacity, responsiveness, and resilience of the banking and non-banking financial sectors with emphasis on balancing regulation with efficiency and stability. While offering excellent opportunities for investment, as private debt to GDP is still on the lower side, the banking sector is poised to meet the investment needs of the society and industry," Mr Malhotra said. The governor also said proactive government policies also present unparalleled opportunities for investment in sunrise sectors such as space, semiconductors, renewable energy, electric vehicles (EVs). India is positioning itself as a critical link in global supply chains, encouraging local sourcing and manufacturing. It is also becoming a global SaaS innovation hub, especially in generative AI, he added.
Mint
28-04-2025
- Business
- Mint
RBI Governor Sanjay Malhotra on mindset of Indian youth towards MNC jobs vs entrepreneurship: ‘When I left college…'
Reserve Bank of India (RBI) Governor Sanjay Malhotra has highlighted the shifting mindset of the country's youth, calling it 'remarkable' that graduates now prefer entrepreneurship to jobs in multinational companies. 'When I left college, getting a job in a MNC was the preferred choice. None took up the challenge of starting a venture of his own,' Sanjay Malhotra said, while speaking at the US-India Economic Forum in Washington DC. 'In recent years, however, a large number of engineering and management graduates are taking to entrepreneurship and startups. It is encouraging to note that India is fast becoming a nation of job creators rather than job seekers.' he added. As per Sanjay Malhotra, this growing culture of enterpreneurship has helped build a 'strong startup ecosystem' in India, ANI reported. He noted that the country has 1,50,000 recognised startups, the third largest number of unicorns in the world, and has climbed up the ranks of the Global Innovation Index to 39th position in 2024, from 81 — in fact among middle-income countries, India ranks first. Sanjay Malhotra also noted that these startups receive support from the government through initiatives like Atal Innovation Mission, Digital India and Startup India, it added. He also said that government reforms have led to massive savings, and listed the following as triumphs: Digitalisation of various government programmes like public distribution scheme with Aadhaar has resulted in huge savings. Just in time flow of funds to state government has helped the Centre improve its cash flow management. Initiatives such as the Direct Benefit Transfer (DBT) significantly improved government spending efficiency, with savings around $40 billion till March 2023. The US-India Economic Forum is organised by the Confederation of Indian Industry (CII) and the US-India Strategic Partnership Forum (USISPF). Key Takeaways The mindset of Indian youth is shifting from seeking MNC jobs to pursuing entrepreneurship. India boasts around 150,000 recognized start-ups, aided by government initiatives. India's global ranking in the Innovation Index has significantly improved, highlighting its growing entrepreneurial ecosystem.
Time of India
28-04-2025
- Business
- Time of India
Strong growth, stability make India ideal for long-term bets: RBI Guv
Reserve Bank of India (RBI) governor Sanjay Malhotra has pitched India as a long term investment destination. Speaking at US-India Economic Forum organised by the Confederation of Indian Industry (CII) and US India Strategic Partnership Forum (USISPF) in Washington, Malhotra said, India continues to offer strong growth and stability making it a natural choice for investors seeking long term value and opportunity, at a time when advanced countries are facing economic headwinds. 'India's strong domestic demand and relatively lower dependence on exports cushions the Indian economy from external spillovers,' Malhotra said. He mentioned that over the past four years (2021-22 to 2024-25), India has recorded an average annual growth rate of 8.2%, to remain the fastest-growing major economy in the world. "This is a significant step up from the average growth rate of 6.6% in the preceding decade (2010 to 2019)," Malhotra said. In its annual policy review earlier this month the RBI had projected 6.5% growth in FY26 lower than the 6.7% predicted earlier reflecting the impact of global trade and policy uncertainties. The central bank forecasted inflation to drop to 4% inflation for FY26 from 4.20% due to lower oil prices, assuming normal monsoon and reducing food inflation. "Even this year, our growth is expected to remain robust at 6.5 %," Malhotra said in Washington. "This is despite the tremendous increase in uncertainty and volatility in global financial markets. While this rate is lower than in recent years and falls short of India's aspirations, it remains broadly in line with past trends and the highest among major economies," he said. Malhotra directed investor focus towards policy continuity, financial stability, infrastructure focus, digitisation, demographic dividend, manufacturing focus which he described as the strengths of India. "India offers a policy ecosystem that is transparent, rule-based, and forward-looking – an ideal setting for long-term and productive investments. As the world's fastest-growing major economy, India is not just a destination for investment – it is a partner in prosperity," Malhotra said. India's foreign exchange reserves at $686 billion covers over 11 months of import and 96% of external debt outstanding at end December 2024. He said India's flexible inflation targeting framework adopted in 2016, has significantly strengthened policy predictability as inflation levels and volatility has come down markedly. "...inflation expectations are better anchored, and the transmission of monetary policy has improved. In view of the benign inflation outlook and moderate growth, monetary policy has turned accommodative," he said. Earlier this month the RBI owered the policy rate by 25 basis points for the second consecutive rate cut in two months. The monetary policy committee (MPC) cited a sharp fall in food inflation, challenging global growth environment and nascent domestic economic recovery as the reasons for the rate cut in a unanimous decision. The MPC also changed the stance to accommodative for the first time since June 2022 signalling that the central bank will move either to reduce rates or stay put in the medium term. RBI expects inflation to be around 4% for the next 12 months even the central bank's focus has now decisively shifted to support economic growth.
India.com
27-04-2025
- Business
- India.com
India, As Fastest Growing Economy, Is Ideal Investment Destination: RBI Governor
Washington: India is expected to record a robust 6.5 per cent growth in the current financial year despite a tremendous increase in uncertainty and volatility in global financial markets, as per RBI Governor Sanjay Malhotra. Addressing the US-India Economic Forum organised by the Confederation of Indian Industry (CII) and US India Strategic Partnership Forum (USISPF) here, Malhotra said: "At a time when many advanced economies are facing economic headwinds and a deteriorating economic outlook, India continues to offer strong growth and stability making it a natural choice for investors seeking long term value and opportunity." The RBI Governor pointed out that India offers a policy ecosystem that is transparent, rule-based, and forward-looking -- an ideal setting for long-term and productive investments. "As the world's fastest-growing major economy, India is not just a destination for investment – it is a partner in prosperity. Together, we have the chance to shape the future – not only for India but for a better world. I invite you to be a part of this journey, to collaborate, innovate, and invest in India,' he said. Malhotra highlighted that the Indian economy has demonstrated remarkable resilience and dynamism. Over the past four years (2021-22 to 2024-25), it has recorded an average annual growth rate of 8.2 per cent. It was and continues to be the fastest-growing major economy in the world. This is a significant step up from the average growth rate of 6.6 per cent in the preceding decade (2010 to 2019). No wonder, over the last ten years, India has leapfrogged from the tenth largest economy to the fifth. In terms of purchasing power parity, it is already third. Even nominally, the country is poised to become the third-largest economy shortly, he added. "I am sanguine of our continued success as there are a lot of positive factors that give me this confidence," the central bank chief remarked. In this context, he pointed out that India's financial sector is strong and vibrant, efficiently catering to the funding requirements of various economic agents. The banking sector, which continues to meet the large funding requirements of the economy, has demonstrated resilience with healthy balance sheets. The soundness of the country's banks has been bolstered by strong profitability, lower non-performing assets and adequate capital and liquidity buffers. The health of the non-banking financial companies (NBFCs) sector is also robust. Bank credit growth, although moderating in recent months, continues to be in double digits (about 12 per cent) compared to an average of about 10.5 per cent in the last 10 years, he added. "While offering excellent opportunities for investment, as private debt to GDP is still on the lower side, the banking sector is poised to meet the investment needs of the society and industry," the RBI Governor said. He also highlighted that proactive government policies present unparalleled opportunities for investment in sunrise sectors such as space, semiconductors, renewable energy, and electric vehicles (EVs).
