India is poised for healthy growth for many years to come even as there will be some impact of a recession in the US and Europe on it, said Christoph Schweizer, CEO of global consulting firm Boston Consulting Group (BCG) in an interview with the Economic Times (ET).
Schweizer pointed out that the global economy is connected and India cannot remain immune to economic shocks and recessions in the West. However, that won't result in a low single-digit or negative growth in India.
"India is at a 6 percent plus growth base, and even if there were a significant recession in Europe and the US, it would have an impact, but the growth won’t go down to low single digits or negative. I think India is poised for significant growth for many years to come," said Schweizer.
He said, to some extent, India is related to the rest of the world, but it has also become an independent powerhouse.
"What has worked for India is a combination of global economic shifts and strong local policy support like the PLI programme. In my early years coming here, it always felt a bit like India was catching up very quickly, but now it feels like India is a leading-the-way country in so many ways," Schweizer told ET.
Schweizer pointed out that the reasons and drivers of inflation in different parts of the world are fundamentally different.
He said in Europe, "inflation is largely energy prices and, to some extent, food prices that drive inflation, and a lot of that has to do with the war in Ukraine."
Disclaimer: This article is based on an ET interview. The views and recommendations given in this article are those of the analyst. These do not represent the views of MintGenie.
