India needs to grow at 9-10 per cent to become USD 35 trillion economy by 2047: Amitabh Kant

Speaking at Mumbai Tech Week, hosted by the Tech Entrepreneurs Association Mumbai, Kant emphasised India’s ambition to attain a USD 35 trillion economy by 2047. 

“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 stated. 

Kant underscored the importance of innovation and disruptive measures to propel India’s financial trajectory ahead. He recommended India’s strides in digital id creation for its 1.4 billion residents, citing technological leapfrogging as a key enabler. Kant additionally lauded the federal government’s supportive insurance policies in direction of startups and emphasised the pivotal function of younger entrepreneurs in sectors equivalent to synthetic intelligence, logistics, well being, and training.

“And to be a USD 35 trillion economy means that we need to grow year after year for close to three decades by 9-10 per cent annually, and this means that we need to do a lot of disruptions and constant innovation,” he famous.

India’s demographic dividend, with a mean age of 29 and projected to be 33 by 2047, was highlighted as a strategic benefit. Kant stated India’s potential to provide 31 per cent of the world’s expert manpower positions the nation as a world powerhouse within the workforce area. With a give attention to innovation at scale, India stands poised on the cusp of transformative development, leveraging its youthful inhabitants and technological prowess to realise its formidable financial imaginative and prescient.

(With PTI inputs)