Virendra Pandit
New Delhi: India will become the third largest economy by 2027 and it needs to grow rapidly to become a USD 35 trillion economy by 2047, the South Asian country’s G-20 Sherpa Amitabh Kant said on Wednesday.
Addressing an event organized by the All-India Management Association (AIMA), he said that India must grow at a 9 to 10 percent rate year after year for the next three decades.
“India will be the third largest economy by 2027. And now that Japan, the United Kingdom, and Germany are all in the recession phase, we should be able to do it much quicker and much faster,” he said.
At present, India is the fifth largest economy with its GDP projected to be about USD 3.6 trillion by March 31, 2024, in nominal terms.
“And it is important to be ambitious to make India grow at rapid rates and be a USD 35 trillion economy by 2047,” Kant added.
India has come a long way from the time when it faced balance sheet problems, he said.
Kant remarked that unlike the West, where most innovations came from private players like Google, Amazon, Meta (Facebook), and Apple, India has demonstrated the power of the government’s digital public infrastructure.
The G-20 Sherpa said by 2047, India should be an exporter of energy or clean energy to the rest of the world.
“We will aim to become the cheapest producer, the cheapest exporter of green hydrogen and its liquid form ammonia and to be the biggest manufacturer of electrolyzer,” he said.
In the years ahead, Kant said, India will grow on the back of sustainable urbanization, enhanced agricultural productivity, and increased exports.