May 19, 2024
1 min read

India’s Economic Reforms Set Stage for Global Leadership

The huge amount of reforms across the spectrum has resulted in a growth rate of about 8.4 per cent over the last three quarters…reports Asian Lite News

 India is likely to contribute 30 per cent of the global gross domestic product (GDP) between 2035-2040, G20 Sherpa and former NITI Aayog CEO Amitabh Kant said here on Saturday.

Speaking at a session on the second day of the ‘CII Annual Business Summit 2024’ in the national capital, Kant said that structural reforms in the country have elevated the country from the “fragile 5” to the “top 5”.

The huge amount of reforms across the spectrum has resulted in a growth rate of about 8.4 per cent over the last three quarters.

“By 2027, we will overtake Germany and Japan. Analysts are right in saying that 30 per cent of the global GDP growth will come from India between 2035-2040,” said Kant during a session on ‘Future of Globalisation: Challenges for Indian Industry’.

Kant also urged India Inc to work with states to accelerate their development, in order to build 12-13 “champion states” growing at 10-11 per cent per annum.

India will become the third largest economy in the world by 2030, said an S&P Global report recently, adding that the country will be the fastest-growing major economy in the next three years.

The United Nations has also revised India’s growth forecast for 2024 by 70 basis points to 6.9 per cent, from 6.2 per cent estimated in January.

ALSO READ: India’s PhonePe Debuts in Lanka

Previous Story

India’s New EV Policy Aims for Major Investments

Next Story

Elon Musk Brings Starlink to Indonesia

Latest from Business

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics

India Maps 8.52 MT Rare Earth Reserves

The Atomic Minerals Directorate for Exploration and Research (AMD) and the Geological Survey of India (GSI) are actively exploring and augmenting rare earth resources, while the GSI alone has added 482.6 million

‘India’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more
Go toTop

Don't Miss

COVID-19: India sees highest-ever single day surge

India has reported 1,45,384 new Covid-19 cases and 794 deaths

New Delhi rejects OIC offer to assist India-Pak talks

This was days after the OIC Secretary General, Yousef Al-Othaimeen