India in exciting phase of growth; expected to become $5T economy in 5-10 years: Paytm CEO

The country is in an exciting phase of growth and the economy is expected to add $2.5 trillion in the next 5-10 years, Paytm Founder and CEO, Vijay Shekhar Sharma, said on Saturday.

"If this country's economy is $2.5 trillion today, in the next 5-10 years, you will see another $2.5 trillion. It took 70 years for us to make $2.5 trillion ... Now only in 10 years all that history will be recreated and doubled.

"It's an amazing, inspiring moment for us to be in India and lucky to be in India," Sharma said while speaking at a two-day virtual youth conclave organised by IMC Chambers of Commerce and Industry.

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He said one should never hesitate to do what they feel very strongly about even if it seems small.

"When somebody makes you feel that you're solo.. that's just the way you handle adversity. And once you are a success, all these adversities will become the folklores, so you should never feel bad about it," he added.

Meanwhile, Arin Capital Chairman Mohandas Pai (former director of Infosys and current Chairman of Manipal University) in another session of the conclave said, new business models can come up as a wide distribution network is no longer a limiting factor for businesses.

"So your business models can come up, you can start a business and produce something in India and sell to the whole world cheaply," he added.

He said through technology, the disadvantages and advantages of starting a business in any country no longer exists.

"Everyone has a common platform and new business models are coming up. It's going to disrupt the existing business model, reduce costs, and change the world forever. Technology that is coming through digitalisation and through Information Technology is changing the world and, in fact, many industries," he added.