A Future of Resilience, Innovation, and Inclusion

How manufacturing, digital transformation, and Al-led innovation will define India's economic rise to 2047, driving resilience, inclusion, and sustainable global leadership

- By Rohan Sachdev

DESPITE GLOBAL disruptions, India is well on course to become the third biggest economy in the world by 2030, and a developed nation as well as an economic superpower by 2047. The first-quarter real GDP growth was estimated at 7.8 per cent, and the full-year GDP growth projection of over 6.5 per cent shows the economy's resilience. A proper focus on key areas, combined with targeted policy interventions, powered by India's demographic dividend, can lead to consistent GDP growth of over 7 per cent over the next two decades.

There have been many opinion pieces by worthy economists about what the Indian economy's growth trajectory will be in the next decade and a half. In this column, I will focus on what, according to me, are the three main drivers of our economic growth over the next decades. The first of the three is becoming a global manufacturing hub while also focusing on our goal of being a Net Zero economy by 2070. The second is accelerating our already impressive digital transformation journey. And the final one is AI-driven innovation.

I will refrain from commenting on the specific economic reforms that policymakers need to ensure within the next decade because all evidence points to the process already being well underway. The current GST 2.0 reforms, the corporate and income tax reforms already in place, as well as the other measures being contemplated in areas such as power generation, labour laws and others, show that the government is on top of the measures needed.

Manufacturing for Global Competitiveness