‘India needs to grow by 9-10% per year to become a USD 35 trillion economy by 2047’, says Amitabh Kant

Delivering the keynote address at the ‘Viksit Bharat’ debate held at Ashoka University, India’s G20 Sherpa and former CEO NITI Aayog, Amitabh Kant said that “India needs to accelerate and grow by 9-10% for the next three decades to become a USD 35 trillion economy by 2047.” He stated that the country needs constant innovation and disruption to realise this vision, focus on growth that is digital and manufacturing-led, and maximizing the potential of sunrise sectors such as CleanTech and ClimateTech.

The event was jointly organised by New India Junction and Orator’s Club at Ashoka University. New India Junction (NIJ) is an online knowledge platform that facilitates conversations on issues of national importance among students and change-makers, such as union ministers, parliamentarians and entrepreneurs. Orator’s Club at Ashoka University is a student-led body that fosters public speaking skills among students by providing them a safe space to practice and learn through feedback.

Talking about India’s growth story in the last decade, Amitabh Kant stated that the new government in 2014 faced many economic challenges. The reforms undertaken, such as introduction of Goods & Services Tax, digitization of the economy, reduction of corporate tax, new bankruptcy and insolvency code, have been the big drivers for achieving “macroeconomic stabilisation.”

Speaking on financial inclusion and transformation, he mentioned that between 2015-17, the government managed to open 550 million bank accounts, linking it with Aadhar and mobile phones, which gave birth to the fast payment infrastructure. It made India a global leader in the category, enabled access to services such as “insurance in less than a minute.”

Highlighting the achievements of the incumbent government, he further stated that it enabled “growth with equity,” provided 40 million houses, 110 million toilets, pipe water connection to 243 million Indians, electricity to 30 million households, and built 77 thousand kilometres of roads.

The event witnessed a student debate on the topic, ‘The only agenda for India right now is Viksit Bharat 2047.’ The students discussed whether this vision could be achieved in an inclusive and equitable manner.

Speaking about the event, Pramath Raj Sinha, Co-founder and Chairperson of the Board of Trustees, Ashoka University stated, “At Ashoka, we firmly believe in nurturing an environment for meaningful dialogue that can help shape India’s growth story for the coming decades and beyond. It was our privilege to welcome Shri Amitabh Kant to the campus to participate in today’s deliberations, engage with students on issues of national importance. His reputation as a ‘doer’ and his experience of implementing some of the largest reforms in the country serve as an inspiration for the next generation of leaders.”