Niti Aayog CEO says Indian economy can double by 2030, climate change an opportunity for India

By Pune Media On Sep 18, 2024 38

India could easily double the size of its economy by 2030, Niti Aayog CEO BVR Subrahmanyam said on Wednesday.

At an event organised by the Public Affairs Forum of India (PAFI), Subrahmanyam added that climate change is an opportunity for India to become a leader in climate technology.

Also read: NITI Aayog for higher import duty on edible oils to achieve self sufficiency

“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, in US dollar terms, India is the fifth largest economy with a size of about $3.7 trillion in nominal terms.

“India will be a big dominant player, it already matters and it will matter much more in global affairs, by 2047,” he said.

Subrahmanyam said by 2047, India will be among the world’s youngest nations demographically, poised for prosperity, with a projected per capita income of around $18,000 to $20,000.

Also read: More Union Ministers from NDA allies find place in rejigged Niti Aayog

“This growth is significant as India is expected to emerge as a major global player, building on the substantial progress made over the past decade in addressing challenges such as natural disasters and poverty,” he said.

Further, he said that there is a need to look at the green economy, and 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 stressed the importance of Global Value Chains (GVCs).

He said that the government is working across sectors and services to build better strategies.

Subrahmanyam added that urban development and infrastructure are crucial, with cities designed as economic hubs to drive growth.

According to him, the private sector must lead in innovation and investment, supported by an enabling environment that attracts both portfolio and direct investments.

Additionally, the Niti Aayog CEO said reforming supply chains is essential for navigating globalisation.

He emphasised that ultimately, reforms at the state level and a commitment to cooperative federalism will ensure inclusive growth, positioning India to emerge as a global giant and lead into a prosperous future.

Published on September 18, 2024

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