India’s upper middle class to match US

By 2031, the purchasing power of India’s upper-middle class is expected to match that of their American counterparts, according to Gitanjali Kirloskar, Director of Toyota-Kirloskar Motors. Speaking at the launch of the Chamber of Marathwada Industries and Agriculture’s (CMIA) “Prerita” series in city, Kirloskar emphasized India’s economic growth and its transformation into a global economic powerhouse.

Kirloskar explained that Toyota-Kirloskar’s decision to establish a project in the city was the result of a meticulous decision-making process, facilitated by CMIA’s efforts, Dr Bhagwat Karad, and the support of CM Devendra Fadnavis. This initiative is expected to play a significant role in boosting the region’s industrial growth.

The event, attended by prominent figures such as MP Sandipan Bhumare and Dr Bhagwat Karad, focused on India’s economic future. Kirloskar stressed the importance of stronger connections between urban and rural India as the country progresses towards becoming a developed economy. She highlighted the role of industrial corridors like the Shendra-Bidkin (AURIC) industrial area in driving both regional and national growth.

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India's global trade opportunities

Kirloskar also addressed the post-COVID-19 global trade scenario, pointing out that China’s share in global trade has decreased from 30% to 20%, creating immense opportunities for India. She urged for increased productivity, innovation, and government-backed skilling programs for MSMEs in collaboration with industrial organizations.

Additionally, Kirloskar projected a 34% rise in demand for premium cars, driven by infrastructure improvements. She noted the potential for increased exports from rural areas, where productivity is expected to rise from 75% to 100% in the next decade, unlocking significant economic opportunities.

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CMIA’s 'Prerita' Initiative

This initiative led by CMIA’s Women’s Committee, is designed to inspire and engage successful women entrepreneurs. By offering a platform for sharing experiences and fostering collaboration, the initiative supports the growth of women-led businesses. Supported by Richa Engineering and Burly Field, this initiative underscores CMIA’s commitment to fostering inclusive economic growth.