Davos 2023 | India can beat economic projections of $26 trillion by 2047, minister Ashwini Vaishnav told Cnbc Tv18-Ey panel.
India can do better than the $26 trillion economy projected by Ernst & Young by 2047, Union Minister Ashwini Vaishu has said. CNBC-TV18 Wednesday on the sidelines of the World Economic Forum in Davos.
Vaishnav pointed out that under the leadership of Prime Minister Narendra Modi, India has followed a very consistent path of investment-led growth and will allow for long-term productivity growth.
“We have also aligned monetary policy very well with fiscal policy and our aim to bring the poorest of the poor into the middle class will further improve the future of the country and of course the digital history for us, we all know that. well,” he said, announcing that India’s telecom stack would be the talk of the town in 2023.
Ernst & Young, one of the big four professional services firms, said on Wednesday that it expects India’s economy to reach $26 trillion in GDP by 2047, the 100th anniversary of the country’s independence.
It would also raise the country’s per capita income to $15,000, making the country one of the more developed economies, Ernst and Young predicted in the report. India@100: Realizing the Potential of a $26 Trillion Economyduring a round table organized by EY, led by Minister of Railways and Information Technology Ashwini Vaishnav. CNBC-TV18 Sherin Bhan on the sidelines of the World Economic Forum in Davos, Switzerland.
The report states that India will have a significant advantage due to its strong domestic demand, digitization, large global talent pool, financial inclusion, global competitiveness and transition to sustainability.
Minister Vaishnav pointed out that telecom and railways will be the key drivers in the coming years and make India a global hub for exporting railway and telecom technology and equipment.
Key to these has been policy clarity and stability, which PM Modi has consistently delivered by repealing over 20,000 statutes and 1,500 archaic laws.
Another aspect that will drive growth is using domestic demand as an important driver to engage the supply chain, Vaishnav said.
Carmine Di Cibio, President and CEO of EY Global said that they are very optimistic about India because of the huge and highly skilled talent that is highly skilled in technology and in many fields that are needed today.
Saurabh Agrawal, Tata Sons’ chief financial officer, said he had “never felt more positive about the momentum we’re building than I do today.”
A $180 billion IT industry providing 5 million jobs and several additional jobs created as a result, and a very active government are some of the factors he mentioned.
Tata Sons chairman N Chandrasekaran, who wrote the foreword India @100 said in a report that the assessment is achievable as global geopolitics has shifted in India’s favor and the country is well-positioned for disruption in almost every sector.
He also highlighted India’s strength in technology, which has enabled development in various sectors and increased exports.
Sumant Sinha, Co-Founder and CEO of ReNew, noted that the world is moving away from China and this is a huge opportunity for India. The renewable energy sector is poised for rapid growth and India is at the forefront of the renewable energy revolution, he said.
Rajiv Memani, chairman and managing partner, EY India, said India’s youngest demographic base among all G20 countries will enable it to train 25% of the global workforce and infrastructure numbers will be a force multiplier.
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