In­dia to Be­come $10t Econ­omy by 2032, says Kant

The Economic Times - - Economy: Macro, Micro & More - Aman.Sharma @times­group.com

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%

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