Growth of Indian economy
India’s economy is the fastest growing economy in the world. Its growth is estimated at more than 7 percent. This speed is not currently available in any large or small economy in the world. What is special is that India’s economy can double by the year 2030. This means that by then India would have become the third largest economy in the world, surpassing Japan and Germany. It will also become the lifeblood of the global economy. The breath of the global economy will depend on India’s economic oxygen. Let us also tell you what kind of prediction the CEO of NITI Aayog has made.
The economy can double by 2030
NITI Aayog CEO BVR Subramaniam on Wednesday said that India can easily double the size of its economy by 2030. Speaking at an event organised by the Public Affairs Forum of India (PAFI), Subramanian said that climate change is an opportunity for India to become a leader in climate technology. He said that our economy will easily double by 2030… India’s ambition to become the third-largest economy by 2026-2027 requires a coherent comprehensive strategy. India is currently the fifth-largest economy in US dollar terms, the size of which is about $3.7 trillion.
India will be a major player in the global economy
He said that India will be a very influential player… it already has a lot of importance and by 2047 it will have even more importance in global affairs. Subramaniam said that by 2047, India will be one of the youngest countries in the world demographically. It will move towards prosperity and the estimated per capita income will be between US$ 18,000 and US$ 20,000. He said that this growth is significant as India is expected to emerge as a major global player, building on the substantial progress made in addressing challenges such as natural disasters and poverty over the last decade.
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The Commission is doing long-term planning
He further said that there is a need to focus on the green economy and the Commission is working on developing a pathway towards net zero carbon emissions by 2070. He said that we have formed a task force and are working closely with the central and state governments to achieve our targets. The NITI Aayog CEO also underlined the importance of global value chains (GVCs). He said that the government is working on various sectors and services to make a better strategy. Subramaniam said that urban development and infrastructure are important. Cities need to be developed as economic hubs to accelerate development.
Supply chain improvement is needed
He said that the private sector should be a leader in innovation and investment. It should be supported by an enabling environment that can attract both portfolio and direct investment. The NITI Aayog CEO also said that improving supply chains is necessary for globalisation. He stressed that ultimately, state-level reforms and commitment to cooperative federalism will ensure inclusive growth, leading to India emerging as a global giant and leading to a prosperous future.
