Edu, Mfg Key to India's Growth: Niti CEO

Urbanisation improving to 50% from 30% will add 20-30 crore more people to the urban areas, said Subrahmanyam

- Gireesh Chandra Prasad

India needs to transform its education, energy capacity and manufacturing and achieve a larger scale of urbanisation to become a $30 trillion economy by 2047, Niti Aayog chief executive officer B.V.R. Subrahmanyam said on Friday.

Speaking at the annual summit of the Confederation of Indian Industry, Subrahmanyam said that every state and Union territory will have its tailored development road map for 2047 by the end of the year.

To become a developed nation, given the population India will have at that time, it needs to be a $30 trillion economy, and it is hoped that the manufacturing sector should be about 25% of that, he said.

"That means, $7.5 trillion is the goal for manufacturing," Subrahmanyam added.

Subrahmanyam said reaching that level of economic development will require an annual growth rate of 7.5%.