It’s the era of India, GDP to grow 8-10% for a decade: Fink

Mumbai, Feb 4: Global asset management major BlackRock’s Chairman and Chief Executive Larry Fink on Wednesday called the next few years as the era of India, estimating that the country’s GDP will expand 8-10 per cent every year over the next decade.

Fink, whose firm is in an equal joint venture with Jio Financial Services for asset and wealth management play in the country, urged Indians to invest in the capital markets, and not to park their money in bank deposits.

He cited the US experience, where those investing in capital markets benefited more through compounding, as compared to the bank account savers.

“In the era of India, we need to get more people investing alongside the growth of the country,” Fink said during an event organised by Jio BlackRock here.

Over the next 10-plus years, India will grow anywhere at 8-10 per cent, the visiting executive said during a chat alongside Reliance Industries’ Chairman and Managing Director Mukesh Ambani here.

Pointing to intellectualism as a key factor making him optimistic about India, he said India’s utilisation of technological progress to transform commerce, consumption and information is inspiring.

Taking a cue from Fink, Ambani called it the baby-boomer generation and added that sustained double-digit growth is possible in the country.

It can be noted that the Budget for FY27 assumes a 10 per cent growth in the GDP on a nominal basis.

The partnership between the two companies on the financial sector play in India was struck within five minutes in 2023, and Fink added that this was also driven by the bond of friendship between the two entrepreneurs.

Ambani said India has traditionally been a nation of savers, but rued that Indians invested over USD 60 billion in gold and USD 15 billion in silver last year.