New Delhi, May 11 (PTI) The ongoing decade has a huge promise for India with lot of opportunities but the country will need to lift hundreds of millions of people out of poverty in order to achieve a holistic growth, while bringing more women into the workforce, Tata Group Chairman N Chandrasekaran said on Wednesday.

In the coming decades 70 per cent of the world's growth will come from emerging markets and India's growth is going to be higher than most countries and the country needs to make the opportunity count, he said while speaking at the CII Business Summit 2022.

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"We are going to be the third largest economy. That's going to happen but we have to achieve it in such a way that that growth is enjoyed by all. We can't have the gap (between the rich and the poor) becoming wider. According to me that is one fundamental thing," asserted Chandrasekaran, who is the Chairman of Tata Sons, the holding and promoter firm of Tata group companies.

He further said, "The basic quality of life has to be enjoyed by all. We have to lift hundreds of millions of people in the coming decade out of poverty."

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Since Independence, he said India's economy has grown from being 3 per cent of world's GDP to about 7 per cent at present and many have escaped hardships because of this growth. In the last 10 years alone the country has lifted about 270 million people out of poverty.

"Our economy has changed beyond recognition in these 75 years. We entered new businesses and have flourished in many sectors. Today we have the world's third largest startup ecosystem. In 2022, so far we have been producing one unicorn every week....but still we have a long way to go.

"Whether it is in terms of women employment, still the number of people below the poverty line, access to health care, access to education for all. There are many many such things we still need to address," he said.

Stating that India's economy will become large, he said, "We will go to a (USD )5 trillion, (USD) 8 trillion (economy in future), per capita income will double. All this will happen but can we all also at the same time address the things that we need to address so that the whole thing remains holistic?"

Reiterating that "this decade has a huge promise for India", Chandrasekaran said, "It's a huge opportunity in whichever way you look at it and we need to make this count and at the same time address the problems that need to be addressed."

In the last two years amid the challenges of COVID-10 pandemic many opportunities have been created, Chandrasekaran said, "...more than ever Indians have become more aspirational and Indians are ready for the future. Many Indians are creating the future. I really feel that this decade is going to unfold beautifully but we must make it count by addressing the gaps in the society."

He said technology must be used in large scale to overcome challenges faced by the people in the lower strata of the society and help in uplifting them.

"The route has to be technology. The route has to be ensuring access to healthcare, access to education, and provide them access to the market. So the access problem is real and unless you solve the access problem, you cannot solve their economic problem. In solving the access problem, we can create jobs," he said.

Highlighting the decline in women participation in the workforce, he said, "In the last decade it has come down from 27 per cent to 23 per cent...this can change because of the new talent model. Work from home is not going away at the same time that's not going to be permanent."

So there are interesting ways that these things will evolve, he said adding,"it will require all of us to learn new ways of doing business, I feel and there is no mantra but I think sharing among us and learning is going to be pretty critical."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)