India's goal of $35 trillion economy is growth opportunities for Airtel: Sunil Mittal

India's ambitious target of becoming a $35 trillion economy by 2047 offers substantial growth prospects and new business avenues for Airtel, according to Chairman Sunil Mittal.

Mittal emphasized that 5G technology will be pivotal in accelerating India's digital landscape. He reaffirmed Airtel's commitment to leading this transformation, collaborating with policymakers and stakeholders to achieve this vision.

India's push towards digitisation has positioned it uniquely in delivering public services and goods efficiently. Mittal noted the increasing economic significance of the telecom industry, which acts as a critical multiplier.

"As India strives towards a $35 trillion economy by 2047, Airtel will encounter immense growth opportunities and new business avenues," Mittal stated in the company's latest annual report.

He expressed confidence that Airtel would continue to spearhead India's digital transformation. The digital infrastructure that Airtel has established, with an investment exceeding $50 billion, empowers individuals and businesses with secure and reliable digital solutions.

The past year witnessed robust growth in digitalisation, spurred by increased internet penetration, widespread adoption of Digital Public Goods, and a surge in internet-based activities. India's Digital Public Infrastructure (DPI) has gained international acclaim for its mass adoption and cost-effectiveness.

"The digital economy of India now contributes approximately 11 per cent of the country's GDP, underscoring the collective commitment from various stakeholders, including the private sector, to achieve India's vision of a $1 trillion digital economy rapidly," Mittal said.

The Indian economy recorded a steady growth rate of 8.2 per cent, outpacing several major economies and maintaining its status as the world's fastest-growing economy.

"Supported by a foundation of progressive reforms, strong domestic demand, and enhanced trade facilitated by infrastructure investments, the country's growth was further bolstered by adept decision-making from the Central Bank in navigating global challenges," he noted.

Sustained investments in critical sectors such as manufacturing, logistics, infrastructure, and supply chains will enable private-sector participation and drive economic growth.

Mittal described FY24 as a year of accelerated investments for the telecom industry, with operators swiftly rolling out 5G services across India. He highlighted that Airtel's strategic decision to deploy 5G on a non-standalone network architecture yielded positive outcomes in customer experience, network quality validation, and prudent capital allocation.

(With PTI inputs)