States should take lead in promoting ease of doing business for India's $30 trillion economy goal: Amitabh Kant

Kant added that India needs insurance companies, pension funds and high-networth individuals to take risk and invest in India’s startup movement.

States, rather than the Indian government, need to push on promoting ease of doing business to reach the $30 trillion economy target, said India’s G20 Sherpa, Amitabh Kant, in an interview with Moneycontrol ahead of the 2024 Lok Sabha elections.

“More than the government of India, the real action is now in the states, states should push,” Kant told Moneycontrol on the sidelines of the We Made in India Conference in Mumbai on April 18.

Kant believes that in the next 10 years India needs at least 10 to 12 states growing at over 10 percent for the country to become a $30 trillion economy. Kant, India’s ace policy maker, is behind several iconic reforms and has also served as the CEO of NITI Aayog.

“India also needs many large companies to grow in within the country. Without large companies in India, you will not be able to create a tier two, three and four structure and ecosystem,” he added.

This comes at a time when the Union Council of Ministers, under the leadership of Prime Minister Narendra Modi, have deliberated on a 100-day agenda for quick implementation if they come back to power in May 2024.

During a keynote speech earlier, Kant also highlighted the importance of domestic funds to contribute to the growth of Indian companies. “We need a lot of funds from India to get into the startup movement because today almost 75 percent of funding is coming from international sources,” he said.

Kant added that India needs insurance companies, pension funds and high-net worth individuals to take risk and invest in India’s startup movement.