India needs to double investment to reach $30 trillion economy by 2047, says NaBFID MD Rajkiran Rai

NaBFID MD Rajkiran Rai

National Bank for Financing Infrastructure and Development (NaBFID) managing director Rajkiran Rai on November 18 said India needs to double the investment to reach the target of $30 trillion economy by 2047.

"We need to spend double than what we are spending today to reach there actually. That is why the economy needs that kind of investment. We need to double our investments," Rai said during the CII Financing Summit in Mumbai.

He added that today most of this investment, the heavy lifting is being done by the government.

Government spend above 3 percent of the GDP on infra because if you look at the road sector, more than 80 percent of the spend happens from the government budget and other. Only the energy sector is more private than government, he added.

India's economy is expected to have grown by around 7.5 percent in the second quarter of the current financial year FY26, supported by a pick-up in investment activities, an improvement in rural consumption and the impact of GST rationalization, according to a research report by the State Bank of India (SBI).

The report noted that growth continues to be underpinned by buoyancy in both services and manufacturing sectors, alongside structural reforms that have strengthened demand conditions.

It stated "Based on the estimated model, we obtain a nowcast of real GDP growth of ~7.5% in Q2FY26 with possibility of an upside surprise".

Further, Moody's Ratings in its latest Global Macro Outlook last week said India's economy will remain one of the fastest-growing globally, with robust infrastructure spending and resilient household consumption helping sustain average annual economic growth of 6.5 percent through 2027.