India will be the third largest economy in 5 years, leaving behind Japan, Germany: Kant

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Bangalore: India’s G20 Sherpa and former Chief Executive Officer (CEO) of NITI Aayog Amitabh Kant said on Thursday that India will become the world’s third largest economy in the next five years, leaving behind Japan and Germany. Apart from this, by that time India will also have the third largest stock market in the world.

Addressing a conference on ‘The Deccan Conversations, Accelerating Our Growth Story’ organized by the Confederation of Indian Industry (Southern Region), Kant said India’s growth rate has been more than 8.3 per cent in the last three quarters and during this period it has emerged as a strong force. Has emerged as.

Citing the International Monetary Fund (IMF), he said that India will contribute about 20 percent to the world’s economic expansion in the next decade. By the year 2047, the country’s economy will be worth 35 trillion dollars. He stressed that India needs to move forward on the strength of manufacturing, smart urbanization and agriculture.

India needs to improve learning outcomes and skills, Kant said, so that India can provide 30 per cent of skilled manpower globally by 2047. He said that India needs to create big companies and create an ecosystem for micro, small and medium enterprises (MSMEs), thereby increasing the expenditure on research and development (R&D) from the current 0.7 percent of gross domestic product (GDP). It can be increased from 2.5 to 3 percent.

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