Mumbai, September 29 (Daily Kiran) : Anant Goenka, President of the Federation of Indian Chambers of Commerce and Industry (FICCI) and Vice Chairman of RPG Group, announced on Tuesday that India is experiencing broad economic growth. He noted that rising capacity utilization is prompting companies to increase their capital investments. Improved demand across various sectors has strengthened business confidence, leading to a renewed momentum in investment activities.
Speaking at the FICCI Frames event, Goenka remarked that signs of growth are evident in nearly all sectors. “We are witnessing widespread growth in the economy. As capacity utilization increases, capital investment is also on the rise across different fields,” he stated.
Goenka specifically highlighted the automobile sector, which has seen relatively rapid growth, positively impacting the entire supply network and value chain. The rising demand in this sector is benefiting suppliers, raw material providers, logistics, and other related industries.
However, he also pointed out ongoing challenges regarding profit margins in industries. Companies are facing rising costs due to increasing commodity prices. While businesses are attempting to pass some of these additional costs onto consumers, the full effect on prices is not immediately visible.
He cautioned that pressure on margins may persist until commodity prices stabilize, particularly noting the recent surge in crude oil prices. Brent crude oil prices have risen from around $90 per barrel to approximately $100 or more, increasing costs for various industries.
Commenting on the media and entertainment sector, Goenka described FICCI Frames as a prestigious platform for the industry. This event has now completed 26 years, playing a crucial role in understanding significant changes in the media landscape and shaping its future direction.
He emphasized that the media industry is undergoing a major transformation. Changes in content consumption, broadcasting methods, multi-screen usage, shorter attention spans, and technologies like artificial intelligence and synthetic data are rapidly altering the industry’s nature.
Goenka stated that Frames serves as a platform where content creators, technical experts, industry representatives, and consumers can collaborate to understand the future direction of the media industry. He concluded by saying that this is a time of change and innovation for the media world, and such platforms are essential in navigating these transformations.
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