India to Become $10t Economy by 2032, says Kant
New Delhi: Niti Aayog CEO Amitabh Kant on Thursday gave a 2032 date to India becoming a $10-trillion economy, a year after Prime Minister Narendra Modi said India should dream of a $20 trillion economy but did not fix a target. The PM, while speaking at the ET Global Summit last year had asked why the country could not dream of a $20-trillion economy and said his government was preparing the ground for it.
Kant, in a presentation before the Prime Minister on Thursday, said the country needs to work towards a 10% growth rate year-onyear against its projected growth rate of 7.4% to achieve a $10 trillion economy by 2032. When contacted by ET, Kant said the aim was to create 175 million jobs and achieving zero percent of Below Poverty Line population by 2032. “If we achieve a $10 trillion economy target by 2032 by a 10% growth rate year-on-year, the compounding effect would be such that ours could be a $20trillion economy in the next 6-7 years after 2032. The 10% y-o-y growth is the biggest challenge.”
In his presentation, Kant said if India grows at 7% till 2032, its GDP will only be $6 trillion in 2032 against $2 trillion as on today while 5-6% of the population will remain below poverty line.
The new plan flows out of a Group of Secretaries report that talked of achieving 10% growth “year-on-year in the next five years” by aiming at10 ‘Champion States’ growing at 12% and more, 4% agricultural growth rate, 10-12% growth in manufacturing and services, worldclass infrastructure and the advancements in technology and innovation. The immediate targets specified for 2019 are India moving up to No. 1 Start-up destination, India’s rank in Ease of Doing Business being in Top 30 and 60% digital penetration through JAM Platform and e-payment mobile applications for government programmes. Target for manufacturing contribution rising to 25% of GDP is fixed for 2022.
Kant told ET that each department’s targets had been specified with clear dates and it will be monitored through an online dashboard by NITI Aayog. “It has never happened before in the history of the country,” he added.
Kant says country has to work towards a 10% growth rate y-o-y against its projected rate of 7.4%