India’s growth should increase from the current 7% to at least 10% resulting in an overall increase in the per capita income, Amitabh Kant, G20 Sherpa of India, said during an interactive session. It was organised by the Confederation of Indian Industry (CII) as part of its Southern Regional Council meeting.
Mr. Kant pointed out that the compounding power of growth is so enormous that if we grow at 9%, our per capita income will be $20,000 and if we grow at 10%, we would have taken per capita income to $ 29,000 to $30,000. He said that this means every Indian would become rich. He further added, “I’m saying this because in the past, several countries have done this – Japan grew at 9%. From 1960 to 1990 South Korea grew at 9.6% and they transformed the lives of Koreans and during the same period Taiwan grew at 9.3%. And between 1990 and 2010, China has grown at 10% transforming lives of all its citizens.”
And for this growth to be achieved, he said States should be champions in the coming years. “We need 10 to 12 States to grow at 10% plus to enable other States to also grow. The Southern States have to play a key and critical role,” Mr. Kant said.
He also highlighted that sunrise sectors are the areas of growth be it electric mobility, battery storage, green hydrogen are all emerging areas of growth. “India needs to embrace these sectors and build size and scale. The ability to be a global champion is only possible when there is a size and scale of manufacturing of these areas,” he said. “We need to bring down cost of production and establish a robust of global value chain. India must further develop the skills, ability to manufacture, improve logistics, and the ability to turnaround ports to make India a truly global leader,” he added.
