India's G20 Sherpa, Amitabh Kant, stated on Thursday that the country faces the difficult challenge of maintaining a high growth rate for an extended period of time in its quest to become a fully developed nation by 2047.
During a conference called "The Deccan Conversations: Accelerating Our Growth Story," which was hosted in Bengaluru by the Southern Region of the Confederation of Indian Industry (CII), the former CEO of Niti Aayog stated, "The challenge for India in the coming years up to 2047 is that it must grow at high rates."
India's G20 Sherpa, Amitabh Kant, stated on Thursday that the country faces the difficult challenge of maintaining a high growth rate for an extended period of time in its quest to become a fully developed nation by 2047.
At a conference called "The Deccan Conversations: Accelerating Our Growth," the former CEO of Niti Aayog stated, "The challenge for India in the coming years up to 2047 is that it must grow at high rates."
He went on to say that India ought to follow the lead set by nations like Singapore, Japan, Korea, China, and China. "We must ensure that India grows at a rate of 9–10% over the next three decades. The gap between increasing at 7-8% and 10% is significant. Growth has a tremendous compounding effect that increases India's per capita income, according to Kant.
The Union government launched the "Viksit Bharat 2047" plan, a blueprint that aims to make India a developed country by 2047.
In addition, he urged more expansion in a number of industries, highlighting the importance of manufacturing and "smart urbanisation" in the process of building an economy that will reach $35 trillion by 2047.
The states will need to step up and implement "radical transformational reforms," such as doing away with all the laws and regulations that have accumulated over time, in addition to the backing of the federal government, according to Kant.
