India’s growth model will enable it to become a developed nation by 2047, said B.V.R. Subrahmanyam, CEO of NITI Aayog.
Delivering the 18th CUB V. Narayanan Memorial Lecture at SASTRA University on April 27, he said India’s rich diversity in the economic growth, demographic dividend, geo-political advantage and early and quick adoption to technology transformation were the key drivers of the growth momentum. With a target of $30 trillion GDP by 2047, he said that 90% of India at 2047 is yet to be made.
Complimenting the success stories of Tamil Nadu in manufacturing and services, he called for replicating the model in other parts of India and in more tier II and III cities in the State. Highlighting the need for education and skilling as fundamental to the growth story, the CEO of NITI Aayhog emphasised that India should emerge as the global manufacturer. “The China+1 strategy underlies the importance of what a nation with 35% of world’s production can do,” said Mr. Subrahmanyam.
He spoke on the relevance of global trade in India’s growth story that requires a trade policy which is less protectionist to drive quality of not only goods and services but also life and livelihood. “The world wants India to succeed and India needs to ensure there is global benchmarking of its standards in various sectors and percolation of best practises at all levels,” he said.
S. Vaidhyasubramaniam, Vice-Chancellor of SASTRA, welcomed the gathering. N. Kamakodi, CEO and MD of City Union Bank, proposed a vote of thanks.
