India becoming a major stakeholder in global supply chain: PM Modi
India is becoming a major stakeholder in the global supply chain and this growing capacity is the foundation of our economic growth, Prime Minister Narendra Modi said on Monday.
G20 Sherpa Amitabh Kant said India will be driving 20 per cent of the world’s economic growth in the next decade as it continues its march to become the third largest economy globally.
He noted that India continues to be the fastest-growing large economy in the world and is the fifth-largest economy.
Speaking at the AIMA convention, Kant noted that the country needs to transform the lives of people living in rural areas, improve health outcomes and enhance nutritional standards to become a developed nation by 2047.
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“In the next three years, we will overtake Japan and Germany to be the third largest economy in the world. In a world which is starved for growth, India is an outlier and has emerged as a very resilient powerhouse driving growth,” he stated.
“What we are witnessing today is a once-in-a-generation shift in our economic position. Just a few years back, we were in the fragile five, and from the fragile five, we moved to the top five in a decade,” Kant said.
He believed that if India is to grow at 9-10 per cent over the next three decades and become a developed economy by 2047. “We need to improve our learning outcomes, our health outcomes and nutritional standards in a very big way,” he added.
This means that many states like Bihar, Jharkhand, Chhattisgarh, Rajasthan and Madhya Pradesh, which account for almost 50 per cent of the country’s population, need to be transformed, he said.
It is to be highlighted that the World Bank raised the growth forecast for India’s economy to 7 per cent for the current financial year, up from an earlier projection of 6.6 per cent.
This revision comes amid expectations of stronger economic performance, driven by key factors such as private consumption and investment.
As per the World Bank report, while the economy remains resilient, achieving the ambitious goal of USD 1 trillion in merchandise exports by 2030 will require strategic diversification and deeper integration into global value chains.
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