New Delhi. Niti Aayog Chief Executive Officer (CEO) BVR Subrahmanyam said that India can easily double the size of its economy by 2030. In a program organized by the Public Affairs Forum of India (PAFI), Subrahmanyam said that climate change is an opportunity for India to become a leader in climate technology. He said, “Our economy will easily double by 2030 … India’s ambition to become the third largest economy by 2026-2027 requires a coherent comprehensive strategy. ”
India is currently the fifth largest economy in terms of US dollar, with a size of about US $ 3,700 billion. He said, “India will be a big influential player… It is already very important and by 2047 it will be even more important in global affairs.” Subrahmanyam said that by 2047 India will be one of the youngest countries in the world demographically. It will move towards prosperity and the estimated per capita income will be around 18,000 to 20,000 US dollars.
He said, “This growth is significant as India is expected to emerge as a major global player, based on the substantial progress made in the last decade in addressing challenges such as natural disasters and poverty.” Further, he said that there is a need to focus on the green economy and the Commission is working on developing a pathway to net zero carbon emissions by 2070. He said, “We have set up a task force and are working closely with the central and state governments to achieve our goals.”
The CEO of NITI Aayog also underlined the importance of Global Value Chains (GVCs). He said that the government is working on various sectors and services to formulate a better strategy. Subrahmanyam said that urban development and infrastructure are important. Cities should be developed as economic hubs to accelerate growth. He said that the private sector should take the lead in innovation and investment. It should be supported by a favorable environment that can attract both portfolio and direct investments. The CEO of NITI Aayog also said that reforms in supply chains are necessary for globalization. He emphasized that ultimately reforms at the state level and commitment to cooperative federalism will ensure inclusive growth, leading India to emerge as a global giant and move towards a prosperous future.
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