Mumbai: The third edition of YES BANK and CNBC-TV18’s - The Growth Summit: A vision to a $10 Trillion Economy, in association with Max Life Insurance, was held in Taj Westend, Bengaluru on February 28, 2024. The summit brought policymakers, industry leaders, startup founders, pioneering innovators, and a diverse array of experts under one roof to engage in meaningful discussions around India's economic advancement Central to the summit’s discussions was the government's ambitious 25-year plan aimed at positioning India as the world's third-largest economy with a GDP of $10 trillion.
In his opening remarks at the Summit, YES BANK managing director & CEO Prashant Kumar said, “The Bengaluru chapter of The Growth Summit was centred on leveraging Karnataka's industrial and technical expertise to propel India towards its $10 trillion mark. It calls for the collective involvement of business leaders. With over 40 unicorns and IT exports soaring, Karnataka is not merely a hub, but a nucleus of innovation. From electronic design to biotechnology, its diverse sectors thrive under a conducive policy framework. The collaborative efforts of ISRO, private enterprises, and the state have propelled us forward, fueling our ascent towards a $10 trillion economy. Now, as global businesses seek refuge from China, India beckons as the premier destination. Let us seize this moment to sculpt a future where India shines as a global powerhouse of technology and manufacturing.”
During his address, Mr. Kumar announced the launch of ‘Yes Private’ in Bengaluru, which is the Bank’s newest market offering that aims to partner HNI Business owners and C-Suite executives in their endeavour to leverage the opportunities on the road towards a $10 trillion Indian economy.
The event kicked off with a thought-provoking discussion on ‘Ushering in India’s Techade’ in conversation with RBI Innovation Hub CEO Rajesh Bansal, who stated, “As I see it, this decade marks a pivotal moment for India's growth trajectory. While I may not witness it firsthand, I firmly believe that the young generation, will recognize this as the turning point. Over the past decade, we've laid the groundwork with digital infrastructure, making us unique among 1.3 billion nations. With 12 million transactions daily, our payment and ID systems are the backbone of individual and business transactions. Now, with the right steps, we stand at the precipice of a quantum leap in technology adoption, inching closer to our $10 trillion economy vision. Our foundational layers of technology position us uniquely, setting us apart globally. Key advancements like BharatQR and our ONDC initiative illustrate our commitment to staying ahead.”
The event continued with another stimulating discussion on ‘Preparing India for Global Leadership’ in conversation with Aarin Capital and 3one4 Capital chairman Mohandas Pai said “India is truly incredible, boasting a PPP GDP of $12.2 trillion and a nominal GDP of $3.45 trillion. What sets us apart is our unique PPP multiple of 3x3, surpassing even China's sixfold difference between nominal and PPP GDP. While countries like China and the US lead in nominal figures, India's true value often goes unrecognised. To bridge this gap, we must focus on three key pillars: human capital, financial capital, and innovation. Despite graduating millions annually, only 28% of our youth aged 18 to 23 are currently engaged in the workforce. It's imperative we harness our vast potential and invest wisely for a brighter, more prosperous future.”
Subsequently, panel discussion on the topic ‘Digital Transformation Strategies Driving Future Growth’ with Mr. Gaurav Singh Kushwaha (CEO & Founder, Bluestone.com); Akash Sinha(CEO & Co-Founder Cashfree); Mr. Mathew Chandy (MD, Duroflex Private Limited); and Harsh Jain (Co-Founder, Groww) gave further insights into India’s rise as a digital hub.
The panel discussion was followed by a special address by Max Life Insurance COO Manu Lavanya. He said, "India's digital journey over the past decade, has been nothing short of revolutionary, marked by transformative initiatives like UPI and Aadhar. The integration of the larger Bharat digital stack within the insurance sector holds immense promise for driving access and inclusivity. By leveraging digital as a channel, we will not only streamline processes but also make significant strides towards extending insurance coverage to every corner of the nation. This convergence isn't merely about innovation; it's about empowerment. It's about ensuring that every Indian, regardless of their location or background, has the opportunity to safeguard their financial well-being with ease. As we embrace this symbiotic relationship between digitization, AI and insurance, we have a tremendous opportunity to unite efforts and realize IRDAI's vision of 'Insurance for all by 2047'. Role of AI and digital will be pivotal in creating customer centric micro-products enabled by straight through Underwriting with vernacular journeys that appeal to the Non-Urban consumer base, making the vision of “Insurance for All” a reality.”
The evening continued with an engaging panel discussion on ‘Nurturing the Green Shoots of Innovation’, with insights from industry experts Mr. Dhiraj Agarwal(CEO & Co-founder, Campus Sutra); Mr. Hrishi Gandhi (President Finance and Chief Business Officer, Newspace); Mr. Raj Shah(Co-founder and Director, WeHear Innovations Pvt Ltd) and Mr. Manish Kumar(Founder, KredX)
Taking the evening towards its end, an enticing conversation between CNBC-TV18 anchor Mugdha Kalra and celebrity chef Ranveer Brar. He said “I think what changed after COVID is that a lot of people who didn’t believe they could cook started cooking. These people who earlier didn’t believe in the power of the food and restaurant industry have now changed. The people who earlier refused loans to restaurants believing that it's not a money-making business now are gaining confidence. That's why you see a lot of food businesses today, because the belief is now coming from MBA graduates who are finding food to be a viable, durable, and profitable venture. I think that's something that has changed and deserves to be addressed here”.
Concluding the summit was a final thought-provoking session conducted by Neuroscientist & founder Kumaar Bagrodia, NeuroLeap on ‘The Neuroscience of Investing’.
