India at a ‘Defining Moment’, Must Deepen Reforms, Says Ajay Bisaria at ICC Wealth Management Summit 2025
Kolkata, Nov 17th: India stands at a “defining moment” amid global disruptions and critical domestic transitions, former diplomat and global advisor Ajay Bisaria said at the ICC Wealth Management Summit 2025. Speaking to industry leaders and policymakers, Bisaria highlighted that while India’s robust growth of 6.5% positions it as the world’s fastest-growing major economy, challenges remain: per-capita income of USD 3,000 and agriculture’s 17% share of GDP underscore the need for deeper structural reforms. He noted that policy milestones such as GST, UPI, the JAM trinity, banking reforms, and large-scale infrastructure upgrades provide a strong foundation for India to aim for long-term growth of 8%.
Bisaria emphasized that India’s foreign-policy approach has matured into a sophisticated “multi-alignment”, balancing relations with the US, China, Europe, Russia, Japan, and the Global South. However, he cautioned that India must carefully manage its ties with the US, given its central role in global finance and strategic technologies. He noted that trade restrictions imposed by the US and China have affected USD 35 billion of Indian exports and USD 100 billion of critical imports, respectively, while Europe’s Carbon Border Adjustment Mechanism and other climate-linked policies act as protectionist barriers.
“Geopolitics has become a core factor in business planning,” Bisaria remarked, pointing out that over 200 Fortune 500 companies exited Russia and Ukraine following conflicts. Tools such as tariffs, export controls, subsidies, and supply-chain restrictions are increasingly deployed strategically. Regarding the India–US partnership, he said it remains one of India’s most consequential alliances but faces friction over stalled trade talks, Russian oil, and US policies on Pakistan. A potential tariff deal in the 15–19% range could be announced soon, though proposals like the Higher Act, which includes a 25% outsourcing tax and a USD 100,000 levy per H-1B visa, pose new risks.
Looking ahead to 2025, Bisaria expressed cautious optimism. Potential developments include a settlement in Ukraine and stabilisation in West Asia. He projected India’s GDP growth at 7% for this fiscal and the next and anticipated that the upcoming Union Budget could introduce major reforms in land, labour, and capital markets. He also noted progress on trade negotiations with the US, EU, and Australia, while cautioning that even a brief India–Pakistan conflict cannot be ruled out.
ICC President Brij Bhushan Agarwal highlighted that India’s wealth-management sector is undergoing a transformation driven by technology, collaboration, and rising investor sophistication. As India moves toward a USD 5 trillion economy, the focus must shift from wealth creation to responsible, long-term wealth management. ICC Director General Rajeev Singh added that growing demand for personalised advisory, risk management, and tech-enabled solutions is reshaping financial decision-making, requiring resilient strategies to navigate global uncertainties.
The ICC Wealth Management Summit 2025 aimed to provide insights into India’s economic trajectory, the impact of geopolitics on business, and the evolving landscape of wealth management, equipping industry leaders to make informed decisions in a rapidly changing global environment.