India needs to grow at 9-10% to become $35 trillion economy by 2047: India's G20 Sherpa Amitabh Kant

India needs to grow at 9-10 per cent for the next three decades to become a USD 35 trillion economy by 2047, India's G20 Sherpa Amitabh Kant said on Thursday. Kant further said India is going to be the third-largest economy by surpassing Japan and Germany by 2027.

"India must grow at higher rates. India must grow at 9- 10 per cent year after year...For three decades," he said at the Times Now Summit. India's economy grew at better-than-expected 8.4 per cent in the final three months of 2023, logging the fastest pace in the past one-and-a-half years. The growth rate in October-December helped take the estimate for the current fiscal to 7.6 per cent.

"Our ambition should be that by 2047, not merely we should be a USD 35 trillion economy, but we should be able to raise the per capita income of every single individual to USD 18,000 plus from current USD 3,000," he added.

The size of the Indian economy is currently USD 3.60 trillion. Kant also noted that India needs at least 12 states to become champions of growth, and they need to grow at 10 per cent plus.

Noting that eastern states like Jharkhand, Chhatisgarh and Bihar need to grow at high rates, Kant said, "If these states start firing and growing at 10 per cent plus, then India will grow at 10 per cent plus".

Post-Lok Sabha elections, Kant said India should herald a huge range of reforms across education, health and nutrition. "If the quality of governance and implementation improves at the state level, then you will see massive transformation in India's growth story," he said. Kant said India needs many more large companies, as when large companies come in, they produce their own supply chain in tier 2 and tier 3 cities.