India is the fifth largest economy with a size of approximately US$3.7 trillion.
Niti Aayog CEO BVR Subrahmanyam on Wednesday said India can easily double the size of its economy by 2030. Speaking at an event organised by the Public Affairs Forum of India (PAFI), Subrahmanyam said climate change is an opportunity for India to become a leader in climate technology. Our economy should easily double by 2030, he said. India’s ambition to become the third largest economy by FY 2026-2027 needs a coherent grand strategy. Currently, in US dollar terms, India is the fifth largest economy with a size of about US$3.7 trillion in nominal terms.
India will be one of the youngest countries by the year 2047
According to the news, Subrahmanyam said that India will be a major influential player, it already matters and by the year 2047 it will matter even more in global affairs. Subrahmanyam said that by 2047 India will be one of the youngest countries in the world in terms of demographics, moving towards prosperity, with an estimated per capita income of about 18,000 to 20,000 US dollars. He said that this growth is important because India is expected to emerge as a major global player based on the substantial progress made in dealing with challenges such as natural disasters and poverty in the last decade.
It is important to focus on the green economy
The NITI Aayog CEO said that there is a need to focus on a green economy, and the Aayog is working on developing a pathway to net zero carbon emissions by 2070. We have set up a task force and are working with the central and state governments to achieve our goals, he said. The NITI Aayog CEO emphasized the importance of global value chains (GVCs). He said that the government is working on various sectors and services to formulate a better strategy.
The private sector should take the lead in innovation and investment
Subrahmanyam said that urban development and infrastructure are important, cities are designed as economic hubs to drive growth. According to him, the private sector should take the lead in innovation and investment, which should be supported by an enabling environment that attracts both portfolio and direct investment. Additionally, the NITI Aayog CEO said that improving supply chains is essential to drive globalisation. He emphasised that ultimately, state-level reforms and a commitment to cooperative federalism will ensure inclusive growth, leading India to emerge as a global giant and lead to a prosperous future.
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