NEW DELHI: India will surpass Japan and Germany to emerge as the third-largest economy and also the third-largest stock market in the world in the next five years, the country’s G20 Sherpa and former NITI Aayog CEO, Amitabh Kant said on Thursday.
Speaking at a conference on ‘The Deccan Conversations, Accelerating Our Growth Story’, organised by the Confederation of Indian Industry (Southern Region), he said India has been growing in the last three quarters at 8.3% plus during this period.
Quoting the IMF, Kant said India will be contributing close to 20% of the world’s economic expansion in next decade and South is engine of India’s growth story for the country to be a $35 trillion economy by 2047.
“India needs to improve learning outcomes and skills to ensure India provides 30 per cent of the skilled manpower globally by 2047, focus on creating a large number of large companies in India to create an ecosystem for MSMEs and SMEs to thrive and increase its R&D spending from 0.7 per cent to at least 2.5-3% of GDP,” Kant said.
For India to have accelerated the pace of growth that we are currently witnessing, we brought in a goods and services tax that is paying us rich dividends. Secondly, we brought in the insolvency and bankruptcy code, thirdly, the Real Estate Regulation Act has led to discipline in the real estate sector of India,” he said.