Updated February 19th, 2024 at 10:40 IST

Government aims for $35 trillion economy by 2047, says former NITI Aayog CEO

Kant highlighted its current status as the fifth largest economy globally, it will surpass Japan and Germany to become the third largest.

Reported by: Business Desk
Amitabh Kant | Image:PTI - File
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Government projections: Amitabh Kant, G-20 Sherpa and former NITI Aayog CEO, emphasised the need for the government to achieve an annual growth rate of 9 to10 per cent and foster constant innovation to become a $35 trillion economy by 2047. Speaking at Mumbai Tech Week (MTW), hosted by the Tech Entrepreneurs Association Mumbai (TEAM), Kant highlighted its current status as the fifth largest economy globally, projecting that by 2027, it will surpass Japan and Germany to become the third largest. He stated that the goal is to become the second-largest economy by the time it turns 100 in 2047.

Sustained Growth

Achieving this ambitious target would require sustained growth over nearly three decades, Kant explained, emphasising the need for disruptive innovations. He praised the technological advancements, such as the creation of digital identities for 1.4 billion people, highlighting the country's leapfrogging in technology.

Kant encouraged young entrepreneurs to focus on key sectors like artificial intelligence, logistics, health, and education, citing the government's supportive policies for startups and space exploration. He noted India's demographic advantage, with the country being the youngest globally, and highlighted its potential to provide 31 per cent of the skilled workforce to the world, emphasising India's role in global innovation and economic growth.

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(with PTI inputs)

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Published February 19th, 2024 at 10:40 IST