India must develop 100 billion dollars companies to become global leader: Union Minister Jayant Sinha
India can take over the global economic leadership in the 21st century if it manages to create $100 billion companies across sectors on the home soil, Union Minister Jayant Sinha said lately.
“Because if we build companies of that scale, scope, and size, that’s how we will achieve economic leadership. That is how we will create economic opportunities for all our people… these very large-scale companies can power entire sectors forward, create millions and millions of jobs and really drive our gross domestic product from 2.5 trillion dollars to 5 trillion dollars,” he said.
Speaking at the ongoing India Ideas Conclave, the Minister of State for Civil Aviation said that India had the potential to become an entrepreneurial engine for six billion people across the world.
“And unless we build companies on that scale and scope, we are never going to achieve that leadership, we are never going to grow as quickly as we need to. Now when I start talking about 100 billion dollar market cap companies, I am sure all of you will be very skeptical,” Sinha added.
The Minister said India needed to create its own Googles, Facebooks, Ali Babas and Tencents on its soil and said that TCS, with a market capitalisation of 70 to 75 billion dollars in a $250 billion IT-BPO sector, there is no reason why others should not follow suit.
“We do not need just one such sector, we need five-ten such sectors. We need large- scale companies like TCS to get created… so that we can make our economy genuinely a leader of the 21st century,” he said.
“We have to develop products and services for our people, because if we develop it for our people, the same products and services can be used in Indonesia and Vietnam, Egypt, Bolivia, Nigeria, Gabon. All of these places can use our products and services and it’s already happening right now. So if we want to seize leadership in the 21st century, India has to become the entrepreneurial engine of the six billion people on the planet, he said.
You might also like
Air Alliance (LCC arm of Air India) to start flight between Jaipur and Agra
Air Alliance (LCC arm of Air India) to start flight between Jaipur and Agra. An official of AI stated at IATO convention. This will improve regional connectivity and reduce time
Monaco Tourism partners with Lakmé Fashion Week Winter/Festive 2016
Home to world famous designers, fashionistas and high-end stores, Monaco continues to make an impression on the fashion map. When in Monaco, people to flaunt their distinctive styles. Monaco features
New Haryana line to link with Delhi Metro
Haryana government will construct a new high-speed rail corridor that will begin where the Delhi Metro’s Yellow Line ends and stretch into Old Gurugram across the expressway. The Haryana government