Manufacturing drives India's $35 trillion economy

India's next story should be on the back of manufacturing, India's G20 Sherpa Amitabh Kant said at an event at the Confederation of Indian Industry.

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He pointed out that India has been growing at over 8.3 per cent in the last three quarters and has emerged as a very strong power during this period.

Economic forecasting

According to the IMF, India will contribute close to 20 percent of global economic expansion over the next decade, and the south is the engine of India's growth story, with India becoming a $35 trillion economy by 2047. In the next five years, India will overtake Japan and Germany to become the third largest economy and the third largest stock market in the world,” said India's G20 Sherpa and former CEO of Niti Aayog, Amitabh Kant, in his keynote address at the conference.

He said India needs to register an economic growth of around 10 per cent in the next three decades to become a $35 trillion economy.

He noted that the cumulative effect of nearly 10 percent growth would also impact the country's per capita income to reach $23,000-24,000 from the current $2,700.

He said that India should grow in the manufacturing sector and India should grow on the back of smart urbanization and agriculture.

Need of the times

„To ensure that India provides 30 per cent skilled manpower globally by 2047, learning outcomes and skills must be improved, MSMEs and SMEs should focus on creating a large number of large enterprises in India to thrive and increase its R&D expenditure from 0.7 per cent of GDP to at least 2.5-3 per cent,” He pointed out.

He also pointed out the Goods and Services Tax, IPC and other benefits introduced by the government.

For India to accelerate the pace of growth we are witnessing now, we brought in the Goods and Services Tax which has given us huge dividends. Second, we came up with the Insolvency and Bankruptcy Code. Thirdly, the Real Estate Regulatory Act brought discipline to India's real estate sector. „Fourth, ease of doing business at the central level has ensured that 1500 laws have been removed, which is huge,” he said.

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“We also launched the Start-Up India movement. Today there are 125,000 start-ups and 115 unicorns from just 150 start-ups. In the coming years, till 2047, the challenge for India is to grow at a higher rate. We need to accelerate India's pace of growth,” he added.

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