Tata Group chairman N. Chandrasekaran reckons India will continue to be the fastest-growing economy next year even as the rest of the world wilts amid magnified risks of a recession exacerbated by the energy crisis in Europe, a grim battle to tamp down on global inflation, and uncertainties over a surge in the Covid pandemic cases in China.

In his customary New Year message to around 9.35 lakh Tata group employees, Chandrasekaran said an increase in consumption, consumer confidence and investment would support India’s growth story — even as he expected domestic inflation to moderate.

“India is well positioned, and we will continue to be the fastest growing major economy, supported by increasing consumption, consumer confidence and investment.

“Slowing global growth may act as a drag on output, but our rising share of global manufacturing should provide some buffer/insulation,” Chandrasekaran said.

“Barring the pandemic and the global financial crisis, next year may mark the lowest global growth since the millennium began. We will need to keep careful watch on commodity price rises, in particular,” he added.

“Post-pandemic, India opened up, and we have returned to living our daily lives normally, in a year that saw the nation turn 75 years old. Business momentum has been strong for many of our companies,” he wrote.

On the performance of the conglomerate in 2022 he said: “We have experienced significant milestones during the year, including the welcoming of Air India back to the Tata group; the launch of TataNeu; and Tata Motors passenger vehicles crossing 500,000 cars sold within a calendar year, with Tata EV cars accounting for 10 per cent.”

There has been a good improvement and a strong performance of companies across the group, Chandrasekaran said, adding the group’s success came from its “relentless drive to lead, the remarkable dedication and talent we nurture”.

“In each of our segments, we are continuing to make progress and raising the bar, be it in terms of performance, customer experience, quality, sustainability or innovation,” he said.