Amitabh Kant predicts big for India, says '30% of global GDP growth will come from India between 2035-2040'

Amitabh Kant, India's G20 Sherpa and former Niti Aayog chief on Saturday praised the country's structural reforms by saying that they have elevated India from a fragile economy to one of the top 5. This has resulted in a growth rate of about 8.4% over the last three quarters.

"Analysts are correct in saying that 30% of the global GDP growth will come from India between 2035-2040," Kant said while addressing the CII Annual Business Summit 2024.

Kant asked India Inc to collaborate with states to speed up their development. He further pointed out that is an urgent need for the government to work with states to create 12-13 champion states growing at 10-11% annually.

Kant stressed that India Inc should adopt a strategy of naming and shaming states that fail to perform or provide necessary clearances.

Kant further said that states must be held accountable for their performance. He pointed out that India's growth is closely tied to the development of its individual states, making it essential for all states to thrive for the country to progress.

He stressed that for India to progress, all states must thrive. He argued for making India a manufacturing hub, stating that the country needs to boost all sectors and can't rely solely on service growth.

He pointed out that successful countries have grown through manufacturing and planned urbanization. The former Niti Aayog chief also noted that India jumped 79 places in the World Bank's Ease of Doing Business ranking after three years of dedicated effort.