Bengaluru, 21st March 2024: “India has been growing in the last three quarters at 8.3% plus and has emerged as a very resilient powerhouse during this period. India, according to IMF, will be contributing close to 20% of the world’s economic expansion in the next decade and South is the engine of India’s growth story for India to be a $35 trillion economy by 2047. In the next five years, India will surpass Japan and Germany to emerge as the third-largest economy and also the third-largest stock market in the world,” said Mr Amitabh Kant, India’s G20 Sherpa & Former CEO, NITI Aayog while delivering his Keynote Address at the Conference on “The Deccan Conversations, Accelerating Our Growth Story” organised by the Confederation of Indian Industry (Southern Region) here today.
Speaking at the Special Plenary Session of the Conference on the theme ‘The idea of Viksit Bharat: What it means to us, and what are the key imperatives & pathways for its realization’ Mr Amitabh Kant said that India needs to grow on the back of manufacturing. India needs to grow on the back of smart urbanization, and agriculture. India needs to Improve learning outcomes and skills to ensure India provides 30% of the skilled manpower globally by 2047, focus on creating a large number of large companies in India to create an ecosystem for MSMEs and SMEs to thrive and increase its R&D spending from 0.7% to at least 2.5-3% of GDP,” he pointed out.
“For India to have accelerated the pace of growth that we are currently witnessing, we brought in a goods and services tax that is paying us rich dividends. Secondly, we brought in the insolvency and bankruptcy code, Thirdly, the Real Estate Regulation Act has led to discipline in the real estate sector of India. Fourthly, the ease of doing business at the central level has ensured1500 laws have been eliminated, which is big. We also started the Startup India movement. From a mere 150 startups today we have 125,000 startups, plus 115 unicorns. The challenge for India in the coming years, up to 2047, is that India must grow at high rates. We need to accelerate the pace of growth for India,” he added.
“For the Confederation of Indian Industry, Mr Amitabh Kant has been a constant guide, friend, and a big support. Mr Kant’s innovative steps resonated with CII’s empowerment activities and his commitment to empowering all enterprises and innovative initiatives brought multiple positives to the industry. He inspired CII to take up a new initiative on startups and supported its startup ecosystem engagement under the Startup India mission led by him driving the ease of doing business initiative,” said Mr Chandrajit Banerjee, Director General, CII in his address.
“In 2024, we are the world’s largest democracy and we stand with a great sense of self-belief and the capacity to dream, to shape a future in which 1.4 billion would love to live. We all are here in the right place, at the right time, with the right people to write history, that will be our future. It is at this moment where our confidence and capacity to dream bigger, bolder, and better has now been captured with Viksit Bharat to make India a $30 trillion economy by the year 2047, and the per capita income to $18,000 by 2047. The next five to six years leading into 2030, therefore, are going to be very important in our journey. They are going to set the tone, tenor, and the pathways for our journey towards 2047,” said Mr Kamal Bali, Chairman, CII Southern Region & President & Managing Director, Volvo Group India in his opening address at the conference.
In her closing remarks, Dr R Nandini, Deputy Chairperson, CII Southern Region & Managing Director, Chandra Textiles Pvt Ltd said, “For us to achieve Viksit Bharat by 2047, we must emphasize innovation, economic growth, and regional resilience as the key. Southern India stands as a cornerstone of India’s economic prowess showcasing a diverse industrial landscape, a skilled labor force, and a robust infrastructure,”.
She concluded by acknowledging Mr. Amitabh Kant’s insights on India’s progress and prosperity through innovation and resilience in areas like coastal shipping, district-specific product schemes, and healthcare advancements by 2047.
