Union Ministers Jyotiraditya Scindia and Mansukh Mandaviya speak of digital Revolution and Economic Growth with the announcement of BSNL making profits after 17 years of Rs. 262 Crores and 118 Unicorns driving India’s growth through digital innovation at The Times Group ET NOW Global Business Summit 2025
“BSNL Made profits after 17 years to the tune of Rs 262 crores as India Leads digital revolution” stated, Jyotiraditya M. Scindia, Minister of Communications and Development of North Eastern Region, India at The Times Group ET NOW Global Business Summit 2025.
Speaking at the inaugural session held at the Taj Palace in New Delhi, Jyotiraditya Scindia informed, “Today, digital infrastructure has replaced physical infrastructure, and India leads the world with the most advanced digital ecosystem—powering 46% of global digital transactions. A shining example of this progress is BSNL, which has achieved profitability for the first time in 17 years.”
The Minister further emphasised, “Innovation is the engine of national growth, and in India, capital—which is key to innovation—has become a commodity. The synergy between the government and the private sector here is unmatched globally.”
“India’s economic growth must be self-reliant and rooted in its heritage,” said Mansukh L. Mandaviya, India’s Minister of Labour and Employment, Youth Affairs and Sports. Mandaviya stressed the need for the country to blend its rich historical wisdom with innovation to create a globally competitive and resilient economy. Highlighting the importance of entrepreneurship, Mandaviya remarked, “Entrepreneurship is a skill; if you earn income, only then can you generate employment and contribute to the economy through taxes.”
Reflecting on India’s transformation under the leadership of Prime Minister Narendra Modi, Mandaviya emphasised the success of initiatives such as Startup India and Make in India, which have significantly expanded the country’s startup ecosystem. “A decade ago, we had just four unicorns. Today, we have 118. This shows how nurturing talent and innovation can change the face of our economy,” he said. Mandaviya also stressed the necessity of innovation in the modern economy.
Rt Hon Patricia Scotland KC, the Secretary-General of the Commonwealth, praised India’s rapid economic growth and its growing role in the global economy. She also acknowledged the significant role played by initiatives like Digital India and Make in India in positioning India as a global leader in innovation and manufacturing. Scotland continued, “India’s young and dynamic workforce, with over 65% of its 1.4 billion citizens under the age of 35, represents a formidable talent pool.” She highlighted the country’s leadership in AI and green energy, stating, “The AI economy is expected to add $16 trillion to the global economy by 2030. India’s growth in AI can contribute to that global transformation.” Scotland also praised India’s leadership in climate action, particularly the success of the International Solar Alliance in promoting renewable energy.
Cameron Adams, Co-Founder & Chief Product Officer, Canva, shared insights on Canva’s success in India, emphasising the role of AI and localisation. Elaborating on Canva’s localisation strategy he said, “India is currently Canva’s fourth-largest market, and we’re focusing on hyperlocal features like offering a Hindi-language website and one-day subscription models tailored for Indian users.”
India is emerging as a global economic powerhouse, which can be further accelerated by reforms in education, infrastructure, and financial markets, said Álvaro S. Pereira, Chief Economist & G20 Finance Deputy at OECD, at the ET NOW Global Business Summit 2025. Calling India “the future of the world,” Pereira noted that the country’s rapid economic transformation has the potential to lift millions out of poverty and strengthen the middle class.
Omri Morgenshtern, CEO, Agoda, discussed the booming travel industry in India, calling the country “a superpower you cannot ignore.” Morgenshtern pointed out, “India’s GDP growth and infrastructure expansion are driving an unprecedented travel boom.” He noted that Agoda is tapping into both inbound and outbound tourism, helping to connect Indian travellers with destinations across the globe while drawing tourists to India. Morgenshtern attributed part of this growth to the Indian government’s policy changes. Morgenshtern also highlighted spiritual tourism as a unique opportunity for India, remarking, “Spiritual tourism aligns well with our customers in Southeast Asia. However, the challenge is providing online access to something traditionally offline.”
The Times Group ET NOW Global Business Summit 2025 kicked off with an impactful inaugural session, marking the beginning of important conversations around India’s role in the global economy. Leaders focused on India’s strengths in innovation, entrepreneurship, and self-reliance, underlining the summit’s theme, ‘Evolve, Emerge, Expand,’ which sets the stage for forward-thinking discussions that will influence industries, economies, and societies.
