At the 2024 CII Business Summit in New Delhi, Mr. Amitabh Kant, India’s G20 Sherpa and former NITI Aayog CEO, discussed India’s path to reaching 30% of global GDP by 2035-2040 and outpacing Germany and Japan in economic growth by 2027. He underscored the imperative for collaborative efforts between the Indian government and states, advocating for the development of 12-13 ‘champion states’ aiming for annual growth rates of 10-11%. Mr. Kant commended India’s structural reforms, attributing them to the country’s 8.4% growth over the past three quarters, and urged domestic enterprises to venture into international markets with a focus on quality to foster rapid expansion.
In addressing the private sector, Mr. Kant delineated pivotal areas for India’s economic advancement, including the upscaling of manufacturing, leadership in burgeoning industries, bolstering exports, and widespread adoption of artificial intelligence (AI) across sectors. He accentuated the imperative of transitioning towards sustainable energy sources and augmenting research and development (R&D) endeavors. Observing the transformative effects of the global shift towards sustainable transportation on the automotive industry, he highlighted the government’s substantial investments in electric vehicles (EVs), particularly in two-wheelers, three-wheelers, and electric buses. Mr. Kant foresaw a significant upsurge in EV manufacturing, buoyed by initiatives like the Production Linked Incentive (PLI) scheme, and anticipated a flourishing battery manufacturing sector, involving major conglomerates such as Tata, Reliance, Maruti, and Exide.
