India G20 Sherpa and former Chief Executive Officer (CEO) of NITI Aayog Amitabh Kant said on Thursday that India will become the world’s third largest economy in the next five years, leaving behind Japan and Germany. Apart from this, by that time India will also have the third largest stock market in the world. Addressing a conference on ‘The Deccan Conversations, Accelerating Our Growth Story’ organized by the Confederation of Indian Industry (Southern Region), Kant said India’s growth rate has been more than 8.3 per cent in the last three quarters and during this period it has been a ‘ Has emerged as a ‘strong force’. Citing the International Monetary Fund (IMF), he said that India will contribute about 20 percent to the world’s economic expansion in the next decade. By the year 2047, the country’s economy will be worth 35 trillion dollars.
Need to move forward on the basis of agriculture
He stressed that India needs to move forward on the strength of manufacturing, smart urbanization and agriculture. Kant said, “India needs to improve learning outcomes and skills, so that India can provide 30 per cent of skilled manpower globally by 2047.” There is a need to create an ecosystem for small and medium enterprises (MSMEs) so that expenditure on research and development (R&D) can be increased from the current 0.7 per cent of gross domestic product (GDP) to 2.5 to 3 per cent. He said, “We have accelerated the pace of growth in India. We have brought Goods and Services Tax (GST), which is yielding good benefits.
Real estate sector got benefit from RERA
Apart from this, we have also brought Insolvency and Bankruptcy Code. Also, the Real Estate Regulation Act has created discipline in the real estate sector of India. Kant said that due to ease of doing business at the central level, 1,500 laws have been abolished, which is a big thing. He said that once there were only 150 startups in the country but today their number has increased to 1,25,000, out of which 115 are unicorns. Unicorn refers to companies with a valuation of more than one billion dollars.
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