Speaking at the CII Business Summit 2024, “analysts are right that 30% of global GDP growth will come from India between 2035 and 2040,” the G20 Sherpa said.
Kant said India is on track to overtake Germany and Japan by 2027: “Because India has carried out a large number of structural reforms, it has moved from the fragile 5 to the top 5 and has grown approximately 8.4% over the past three quarters. we will overtake Germany and Japan.
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He said that through significant structural reforms, India moved from being one of the “fragile five economies” to becoming one of the world’s top five economies, achieving an impressive growth rate of 8.4 per cent over the of the last three quarters.
Kant also highlighted analysts’ predictions that India would contribute 30% to global GDP growth between 2035 and 2040. To maintain this momentum, he urged Indian companies to adopt a global perspective and give the priority to quality to penetrate international markets.
The former CEO of Niti Aayog highlighted the importance of collaboration between the central and state governments to drive growth. Kant advocated the development of 12 to 13 “champion states” with annual growth rates of 10 to 11 percent.
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“Indian companies need to start thinking globally to penetrate global markets and accelerate their growth. They also need to focus on quality. The government needs to work with states as we need to look at building 12-13 champion states with growth of 10 to 11% per year,” he noted.
He called on the Confederation of Indian Industry (CII) to facilitate this growth by easing state-level business processes, saying robust state economies are essential for national prosperity.
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