India is set to play a pivotal role in global economic growth over the next decade, contributing 20% of the world’s economic expansion as it moves towards becoming the third-largest economy globally, according to G20 Sherpa Mr. Amitabh Kant. Speaking at the AIMA convention, Mr. Kant underscored that India is not only the fastest-growing major economy but is also positioned as the fifth largest at present. He confidently predicted that within the next three years, India will surpass both Japan and Germany, securing its place as the third-largest economy in the world. Mr. Kant described India as a significant outlier in a global landscape where growth is increasingly rare, portraying the country as a robust engine of global progress.
Mr. Kant highlighted the remarkable transformation in India’s economic status, noting that while the country was once categorised as part of the ‘fragile five,’ it has now ascended to be among the top five economies. He stressed, however, that to reach its goal of becoming a developed nation by 2047, India must address several critical areas, including the development of rural regions, improvement in health outcomes, and better nutritional standards. He urged for champion states, particularly Bihar, Jharkhand, Chhattisgarh, Rajasthan, and Madhya Pradesh—regions that represent nearly half of the country’s population—to lead this transformative journey. Mr. Kant emphasised that these states are crucial for enhancing the Human Development Index and achieving broader economic progress. He also pointed out that while the top 50% of India’s population drives economic growth, the lower half, predominantly in rural areas, depends on agriculture, wage labour, or government aid. Improving their living conditions is essential for India’s overall development.
