The G-20 Sherpa and former CEO of NITI Aayog Amitabh Kant said that India’s contribution to global GDP is likely to reach 30 percent between 2035-2040. Speaking at a business summit held in New Delhi, Kant said that structural reforms have taken the country from weak 5 to top 5. He said huge reforms in the sectors have led to growth of about 8.4 per cent in the last three quarters.
Amitabh Kant, in his address on the topic Future of Globalization: Challenges for Indian Industry, said, by 2027 we will overtake Germany and Japan. Analysts are right in saying that India’s contribution to global GDP growth will reach 30 percent between 2035-2040. Kant urged Indian industry to work in coordination with states to accelerate development. He said that by doing this 12-13 states can develop at the rate of 10-11 percent every year.
It is noteworthy that recently S&P’s global report said that India will become the third largest economy in the world by 2030. The report also states that India’s economy will grow at the fastest pace in the world in the next three years. The United Nations has also reduced India’s growth forecast for 2024 to 6.9 percent.
Earlier in January it was estimated at 6.2 percent. Currently, India is the fifth largest economy in the world. America, China, Germany and Japan are ahead of it. It is believed that India will overtake Japan and Germany by 2030.
