India Aims for $30 Trillion Economy by 2047 with 12% Annual Growth: Chief Economic Advisor
To hit $30 trillion mark by 2047, India needs 12% growth: Chief Economic Advisor V Nageswaran
The Economic Times
Image: The Economic Times
India's Chief Economic Advisor V Anantha Nageswaran stated that the country can achieve a $30 trillion economy by 2047 with a sustained annual growth rate of 12%. He emphasized the importance of technological advancement and frontier research to meet this ambitious target.
- 01India needs to achieve a 12% annual growth rate to reach a $30 trillion economy by 2047.
- 02Current GDP is approximately $3.91 trillion, projected to grow to $7.8 trillion in six years.
- 03Technological prowess and frontier research are crucial for achieving economic goals.
- 04IIT Madras plays a vital role in fostering innovation and productivity across sectors.
- 05The institute has been ranked as the top engineering institution in India for ten consecutive years.
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Chief Economic Advisor V Anantha Nageswaran announced that India can potentially reach a $30 trillion economy by 2047, contingent upon achieving a 12% annual growth rate. Currently, India's GDP is about $3.91 trillion, with projections to rise to $7.8 trillion in the next six years. Nageswaran emphasized the necessity for India to excel in technological innovation and frontier research, urging universities and laboratories to adapt external technologies to local conditions. He highlighted the pivotal role of institutions like IIT Madras in transitioning from pilot projects to impactful patents and productivity gains across agriculture, manufacturing, and services. The announcement was made during the 67th Institute Day celebrations at IIT Madras, where notable alumni, including Srinivas Narayanan of OpenAI, were honored. IIT Madras has maintained its status as the top engineering institution in India for ten consecutive years, with plans for international expansion, including a new campus in Zanzibar, Tanzania, set to launch in 2023.
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Achieving a $30 trillion economy could lead to increased job opportunities and higher living standards for citizens. It emphasizes the need for innovation and education in technology.
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