India to drive 20% of global economic growth in next decade: Mr. Amitabh Kant

India is expected to drive 20% of the world’s economic growth over the next decade as it progresses toward becoming the third-largest economy globally, according to G20 Sherpa Mr. Amitabh Kant. At the AIMA convention, he highlighted that India remains the fastest-growing large economy and is currently the fifth largest. "In the next 3 years, we will surpass Japan and Germany to become the third-largest economy in the world. He stated that India is an outlier in a world where growth is scarce, emerging as a resilient powerhouse driving global growth," he stated.

He noted that India will contribute 20% of global economic growth over the coming decade. He emphasized the significant shift in India's economic standing. "Just a few years ago, we were part of the 'fragile five,' and in a decade, we’ve ascended to the top five," he said. However, he stressed the need to transform rural areas, improve health outcomes, and enhance nutritional standards for India to achieve developed nation status by 2047. He called for champion states to lead future growth, particularly Bihar, Jharkhand, Chhattisgarh, Rajasthan, and Madhya Pradesh, which account for nearly 50% of the population. "These states must be transformed to drive improvements in the Human Development Index," he added. He also emphasized that while the top 50% of India's population drives growth and prosperity, the bottom 50%, primarily in rural areas, relies on agriculture, wage labour, or government welfare schemes for basic living standards. Transforming their lives is critical to India's development.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.