India Poised to Become World's Third Largest Economy, Says DLF Chairman KP Singh
New Delhi: India is on the path to becoming the world's third largest economy in the next few years, according to Kushal Pal Singh, Chairman Emeritus of DLF, the country's largest real estate developer. In an exclusive interview with Moneycontrol, Singh attributes India's rapid growth to its leadership and its ability to change the country's image on a global level.
Singh, who recently turned 95, praises Prime Minister Narendra Modi as one of the four top leaders that matter at the world level, alongside US President Donald Trump, Russian President Vladimir Putin, and Chinese President Xi Jinping. "Our Prime Minister is a dynamic person who has changed the world's perception towards India," Singh said.
India's progress in recent years has been significant, with projections from the IMF and World Bank indicating that it will become the third largest economy in the world after the US and China within four years. Singh attributes this success to both government policies and the talent of Indian entrepreneurs and workers.
As for the real estate sector, Singh notes that most old builders have either gone out of business or been bankrupted by regulatory issues. However, he is proud of DLF's ability to adapt to new regulations and its commitment to compliance with the Real Estate Regulatory Authority (RERA) law. He expects this new generation of developers to drive the sector in a significant manner.
Singh also emphasizes the need for radical changes in urban infrastructure, citing poor urban planning as a major contributor to rising pollution and toxic air in Delhi NCR. He calls for "drastic measures" in master-planning and encourages long-term thinking over short-term gains.
On sustainable and green building practices, Singh acknowledges that it is a large subject but notes that DLF has been committed to sustainability and has received numerous international awards for its practices. He expects the government to continue to incentivize green buildings and encourages progressive developers to adopt such practices.
Finally, Singh offers advice to young entrepreneurs looking to make a mark in real estate, emphasizing the importance of 100% compliance with regulations, paying taxes honestly, and adopting a business philosophy grounded in ethics and moral values.