India needs to sustain an annual growth rate of 9-10% for nearly three decades and foster continuous innovations to achieve its ambitious goal of becoming a USD 35 trillion economy by 2047, according to Amitabh Kant, India’s G-20 Sherpa and former NITI Aayog CEO. Speaking at Mumbai Tech Week, Kant underscored the significance of technological leaps, disruptions, and the central role of young entrepreneurs in propelling India’s economic trajectory.
Key Highlights:
- Strategic Economic Goal: Kant highlighted India’s aim to transform into a USD 35 trillion economy by 2047, surpassing Japan and Germany to become the third-largest economy globally by 2027.
- Innovation and Disruption: Emphasizing the need for constant innovation and disruptions, Kant noted that sustained annual growth of 9-10% over three decades is crucial for achieving this economic milestone.
- Digital Identity and Leapfrogging: Kant commended India’s achievements in digital identity creation for its 1.4 billion citizens, showcasing technological leapfrogging as a key enabler for economic growth.
- Supportive Government Policies: The former NITI Aayog CEO lauded the government’s supportive policies towards startups and acknowledged the pivotal role of young entrepreneurs in sectors like artificial intelligence, logistics, health, and education.
- Demographic Dividend: India’s demographic advantage, with an average age of 29 and projected to be 33 by 2047, positions the nation as a global powerhouse in the workforce arena. The potential to supply 31% of the world’s skilled manpower is a strategic advantage.
Expert Insight:
With a focus on innovation at scale, Kant emphasized that India stands on the verge of transformative growth. Leveraging its youthful population and technological prowess will be instrumental in realizing the nation’s ambitious economic vision.
In A Nutshell:
As India charts its course towards economic greatness, sustained innovation, disruptions, and harnessing the demographic dividend will be critical. The roadmap outlined by Amitabh Kant envisions a future where India not only achieves economic milestones but emerges as a global leader in technology and innovation.
