Manufacturing to Drive India’s $35 Trillion Economy

The next phase of India’s story has to be on the back of manufacturing, said India’s G20 Sherpa Amitabh Kant said at an event at the Confederation of Indian Industry.

He pointed out that India has been growing at more than 8.3 per cent in the last three quarters and has emerged as a very resilient powerhouse during this period.

Economic projection

“India, according to IMF, will be contributing close to 20 per cent of the world’s economic expansion in the next decade and South is the engine of India’s growth story for India to be a $35 trillion economy by 2047. In the next five years, India will surpass Japan and Germany to emerge as the third-largest economy and also the third-largest stock market in the world,” said Amitabh Kant, India’s G20 Sherpa and Former CEO, NITI Aayog while delivering his keynote address at the conference.

He said that India should aim to register around 10 per cent economic growth over the next three decades to become a $35 trillion economy.

He remarked that the compounding effect of around 10 per cent growth will also have an impact on the per capita income of the country to reach a level of $23,000-24,000 from the current level of around $2,700.

He said that India needs to grow on the back of manufacturing and needs to grow on the back of smart urbanisation and agriculture.

Need of the hour

“India needs to improve learning outcomes and skills to ensure it provides 30 per cent of the skilled manpower globally by 2047, focus on creating a large number of large companies in India to create an ecosystem for MSMEs and SMEs to thrive and increase its R&D spending from 0.7 per cent to at least 2.5-3 per cent of GDP,” he pointed out.

He also pointed out the benefits of goods and services tax, the IBC and the others rolled out by the government.

For India to have accelerated the pace of growth that we are currently witnessing, we brought in a goods and services tax that is paying us rich dividends. Secondly, we brought in the insolvency and bankruptcy code. Thirdly, the Real Estate Regulation Act has led to discipline in the real estate sector of India. Fourthly, the ease of doing business at the central level has ensured1500 laws have been eliminated, which is big,” he said.

“We also started the Start-up India movement. From a mere 150 start-ups today we have 125,000 start-ups, plus 115 unicorns. The challenge for India in the coming years, up to 2047, is that India must grow at high rates. We need to accelerate the pace of growth for India,” he added.

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