INTHEBLACK February 2024 - Magazine - Page 38
Pradeep Gaur/SOPA Images/LightRocket via Getty Images
F E AT U R E
Above: Indian
telecommunications
company Jio
demonstrates
JioSpaceFiber, India’s
first satellite-based
gigabyte broadband
service, at the India
Mobile Congress
in New Delhi,
October 2023.
While some economists believe the US is
on the brink of recession, Santhanakrishnan
sees no signs of a slowdown in India.
“The businesses are all buzzing, and there
is widespread activity in many sectors, not
just food,” he says.
Given such an upbeat mood, he is confident
that Cookr, which uses digital technology
to make it easy for India’s growing middle
class to access nutritious, home-cooked meals,
will continue to thrive.
Santhanakrishnan’s goal is to capture
5 per cent of India’s online food delivery
market, which is forecast to be worth more
than US$29 billion (A$45.5 billion) by
2028, up from US$5.3 billion (A$8.3 billion)
last year.
“I’m looking to build a billion-dollar
business in about four years from now, and
we’re tracking to plan.”
READ
GLOBAL ECONOMIC BRIGHT SPOT
According to the World Bank, India has
emerged from the pandemic as one of the
fastest-growing economies in the world,
despite significant challenges.
an INTHEBLACK
article on India’s
recovery from
the pandemic
38 INTHEBLACK February 2024
In the 2023 financial year, India’s real GDP
expanded by an estimated 6.9 per cent, with
growth underpinned by robust domestic
demand, investment in infrastructure and
buoyant private consumption.
With a population of more than 1.4 billion
and an ever-growing middle class, the Asian
giant offers immense potential for economic
development and investment opportunities.
Investment banking firm Morgan Stanley
predicts that the value of India’s GDP
could more than double from US$3.5
trillion (A$5.5 trillion) today and surpass
US$7.5 trillion (A$11.8 trillion) by 2031.
Gopalakrishna Mahesh CPA, director of
accounting firm Financial Crest, says India has
traditionally been a nation of savers, a mindset
that has helped its people and businesses ride
out challenges such as the global financial
crisis and the pandemic better than most.
“This concept of savings has always been
here,” Mahesh says.
“Most households in India have their
savings put away for the next six or seven
months, so they have the savings to take care
of themselves during emergency situations.
