(MENAFN- KNN India)
New Delhi, Sep 13 (KNN)
India is projected to contribute 20 per cent of the world's economic growth over the next decade, according to G20 Sherpa Amitabh Kant.
Speaking at the AIMA convention, Kant highlighted India's trajectory towards becoming the world's third-largest economy.
Currently ranked as the fifth-largest Economy globally, India maintains its position as the fastest-growing major economy. Kant forecasts that within the next three years, India will surpass Japan and Germany, securing its place as the third-largest economy worldwide.
"In a world starved for growth, India has emerged as a resilient powerhouse," Kant remarked, emphasising the country's economic resilience and potential.
Kant noted India's remarkable economic transformation over the past decade, transitioning from being part of the 'fragile five' economies to one of the top five globally.
However, he stressed that to achieve developed nation status by 2047, India must focus on improving rural living standards, healthcare outcomes, and nutritional levels.
The G20 Sherpa emphasised the need for several "champion states" to drive future growth.
He highlighted that states such as Bihar, Jharkhand, Chhattisgarh, Rajasthan, and Madhya Pradesh, which account for nearly half of India's population, require significant transformation to improve human development indicators.
Kant observed that while the top 50 per cent of India's population drives growth and prosperity, the bottom 50 per cent largely resides in rural areas, dependent on agricultural wage labour or government welfare schemes.
He underscored the importance of elevating living standards for this segment of the population.
To sustain a 9-10 per cent growth rate over the next three decades and achieve developed economy status by 2047, Kant emphasised the critical need for substantial improvements in education, healthcare, and nutrition across the country.
As India continues its economic ascent, addressing these developmental challenges will be crucial in realising its full potential and ensuring inclusive growth for all segments of its population.
(KNN Bureau)
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