India needs to grow at 9-10% for next 3 decades to become $35 trillion economy by 2047: Amitabh Kant

01 Apr 2024 Evaluate

Expressing optimism over India’s growth prospects, India's G20 Sherpa Amitabh Kant has said that the country needs to grow at 9-10 per cent for the next three decades to become a $35 trillion economy by 2047. He further said India is going to be the third-largest economy by surpassing Japan and Germany by 2027. India's economy grew at better-than-expected 8.4 per cent in the final three months of 2023, logging the fastest pace in the past one-and-a-half years.

He added ‘Our ambition should be that by 2047, not merely we should be a $35 trillion economy, but we should be able to raise the per capita income of every single individual to $18,000 plus from current $3,000’. The size of the Indian economy is currently $3.60 trillion. Noting that eastern states like Jharkhand, Chhatisgarh and Bihar need to grow at high rates, Kant said ‘If these states start firing and growing at 10 per cent plus, then India will grow at 10 per cent plus’.

Post-Lok Sabha elections, Kant said India should herald a huge range of reforms across education, health and nutrition. He said ‘If the quality of governance and implementation improves at the state level, then you will see massive transformation in India's growth story’. Kant said India needs many more large companies, as when large companies come in, they produce their own supply chain in tier 2 and tier 3 cities.

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