India’s GDP will overtake Japan’s and Germany in five years: Kant

In the next five years, India will overtake Germany and Japan to become the third-largest economy in the world, along with the third-largest stock market, according to G20 Sherpa and former CEO of NITI Aayog Amitabh Kant.

Speaking at a conference hosted by the Confederation of Indian Industry (Southern Region) on “The Deccan Conversations, Accelerating Our Growth Story,” he said that India had grown at a rate of 8.3% or more over the previous three quarters.

Kant cited the IMF when he predicted that India will account for about 20% of global economic growth over the next ten years and that the country’s development narrative would propel it to become a $35 trillion economy by 2047.

In order to ensure that India supplies 30% of the skilled labor worldwide by 2047, Kant stated, “India needs to improve learning outcomes and skills, 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% to at least 2.5-3% of GDP.”

India introduced a goods and services tax that is yielding substantial benefits, enabling the country to increase the present rate of development. Thirdly, the Real Estate Regulation Act has given discipline to India’s real estate industry. Secondly, we introduced the Insolvency and Bankruptcy Code,” he said.