Amitabh Kant highlights India's requisite 9-10% growth for a USD 35 trillion economy by 2047

Amitabh Kant, India's G-20 Sherpa, envisions India becoming a USD 35 trillion economy by 2047, stressing the need for sustained 9-10% annual growth. Speaking at Mumbai Tech Week, Kant emphasized innovation's pivotal role and lauded India's digital strides and supportive startup policies.

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India's ambition for a USD 35 trillion economy by 2047 necessitates sustained 9-10% annual growth, asserts Amitabh Kant, former NITI Aayog CEO and India's G-20 Sherpa. Speaking at Mumbai Tech Week, Kant emphasized the imperative of constant innovation to propel India's economic trajectory.

"We are the fifth largest economy in the world, and by 2027, we will surpass Japan and Germany to become the third largest economy in the world. And our aim is that by the time we turn 100 in 2047, India should be a USD 35 trillion economy," Kant highlighted.

Innovation emerges as the linchpin of India's economic strategy, with Kant commending the nation's digital identity creation for its 1.4 billion citizens, a testament to technological leapfrogging. He applauded the government's supportive policies for startups, underscoring the pivotal role of young entrepreneurs across sectors like artificial intelligence, logistics, health, and education.

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"To be a USD 35 trillion economy means that we need to grow year after year for close to three decades by 9-10% annually, and this means that we need to do a lot of disruptions and constant innovation," Kant noted.

India's demographic dividend, boasting an average age of 29 projected to reach 33 by 2047, emerges as a strategic advantage. Kant highlighted India's potential to supply 31% of the world's skilled manpower, positioning the nation as a global workforce powerhouse.

With a focus on innovation at scale, India stands poised on the brink of transformative growth, leveraging its youthful population and technological prowess to realize its ambitious economic vision.