India can easily double its economy by 2030, said Niti Aayog CEO BVR Subrahmanyam on Wednesday.
Speaking at an event organised by the Public Affairs Forum of India (PAFI), Subrahmanyam said climate change could be turned into an opportunity for India to emerge as a leader in climate technology.
"Our economy should easily double by 2030.India's ambition to become the third-largest economy by 2026-2027 necessitates a cohesive grand strategy," he said.
Currently, India is the fifth-largest economy in US dollar terms and stands at about $3.7 trillion in nominal terms.
"India will be a major dominant player, it already matters and it will matter much more in global affairs, by 2047," he said.
By 2047, Subrahmanyam said, India will be one of the world's youngest nations demographically, poised for prosperity, with a projected per capita income of around $18,000 to $20,000.
"This growth is significant as India is going to emerge as a major player on the global platform, building on the substantial progress made over the last decade in addressing challenges such as natural disasters and poverty," he said.
He also said there is a need to look at the green economy and that the Aayog is working on developing a pathway for net zero carbon emissions by 2070.
"We have formed a task force and are working with the Central and state governments to achieve our targets," he added.
The CEO of Niti Aayog insisted on GVCs.
"The central government is working on all sectors and services to build a better strategy," he said, adding that urban development and infrastructure are most important, where cities have been designed as growth drivers that create an economic hub.
According to him, the private sector must lead through innovation and investments, supported by an enabling environment that attracts both portfolio and direct investments.
The CEO further added that reforming supply chains are necessary to understand globalization.
He further pointed out that ultimately reforms at the state level and commitment towards cooperative federalism will ensure inclusive growth, setting India up to emerge as a global giant and step into a bright future.
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