India needs to grow at rapid rates to be $35 trillion economy by 2047: Amitabh Kant

India needs to grow at rapid rates to be $35 trillion economy by 2047: Amitabh Kant

India needs to grow at rapid rates to become a $35 trillion economy by 2047, said the country’s G20 Sherpa Amitabh Kant. It will be the third largest economy by 2027, he added.

“India will be the third largest economy by 2027. And now that Japan, the United Kingdom and Germany are all in the recession phase, we should be able to do it much quicker and much faster,” he said.

While addressing an event organised by the All India Management Association, Kant said that India needs to grow at 9-10 per cent year after year for the next three decades.

“It is important to be ambitious to make India grow at rapid rates and be a $35 trillion economy by 2047.”

The G20 Sherpa noted that India has come a long way from the time when it had faced balance sheet problems.

He pointed out that unlike the West, where all innovation came from Google, Facebook, Amazon, Meta and Apple, India has demonstrated the power of digital public infrastructure

By 2047, India should be an exporter of energy or clean energy to the rest of the world, he said.

“Our aim will be to become the cheapest producer, the cheapest exporter of green hydrogen and its liquid form ammonia and to be the biggest manufacturer of electrolyzer.”

Recently, the Union Minister of Commerce and Industry Piyush Goyal also said that the present government’s ambition is to make India a fully developed nation by 2047 and all efforts are being made in this direction.

Lashing out at the previous Congress government, Piyush Goyal said the NDA government inherited a broken economy when they came to power with a clear mandate in 2014.

“We inherited a broken economy, deep in distress and a poor reputation around the world for the India growth story and its ability to play a part in geopolitics,” he said.