Amitabh Kant, G20 India Sherpa and former chief executive officer of NITI Aayog, addressing the Confederation of Indian Industry (CII) Business Summit 2024 in New Delhi, expressed confidence in India's economic trajectory, predicting that the country would surpass Germany and Japan by 2027. Furthermore, he pointed to analysts' projections that India would contribute 30 percent of global GDP growth between 2035 and 2040.
"By 2027, we will overtake Germany & Japan. Analysts are right in saying that 30 percent of the global GDP growth will come from India between 2035-2040," stated Kant.
Kant highlighted India's significant strides in economic reforms, which have transformed the nation from being part of the "fragile five" to ranking among the world's top five economies. "Because India has carried a huge amount of structural reforms, it has moved from fragile 5 to top 5 and has grown at about 8.4% in the last 3 quarters," he noted.
Kant also urged Indian companies to adopt a global perspective and prioritize quality to penetrate international markets, thereby accelerating growth.
“Indian companies must start thinking globally to penetrate global markets for accelerated growth. They should also focus on quality,” Kant emphasized, speaking at the session on 'Future of Globalisation: Challenges for Indian Industry'.
Kant highlighted the crucial role of state-level progress in driving India's development. He underscored the importance of collaborative efforts between the central government and states, advocating for creating 12-13 "champion states" with an annual growth rate of 10-11%. "The government needs to work with the states as we need to look at building 12-13 champion states growing at 10-11% per annum," he said. "If states grow, India grows," he asserted.
He called for a closer partnership between the Confederation of Indian Industry (CII) and state governments over the next five years to streamline processes at the state level.
The CII Business Summit 2024 brought together industry leaders, policymakers, and experts to discuss strategies for sustaining India's economic momentum in an increasingly interconnected world.
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