India will overtake Germany & Japan by 2027 : Amitabh Kant at CII Annual Business Summit 2024 – India Shipping News

NEW DELHI : G20 India Sherpa Amitabh Kant has said that because India has carried huge amount of structural reforms, it has moved from fragile 5 to top 5 and has grown at about 8.4% in the last 3 quarters. “By 2027, we will overtake Germany & Japan. Analysts are right in saying that 30% of the global GDP growth will come from India between 2035-2040.”

Kant was addressing the a session on ‘Future of Globalisation: Challenges for Indian Industry’ at the Confederation of Indian Industry (CII) Business Summit 2024 on Saturday.

Kant stressed that the Indian companies must start thinking globally to penetrate global markets for accelerated growth and also focus on quality.

“The government needs to work with the states as we need to look at building 12 -13 champion states growing at 10-11% per annum.

Kant also emphasized the urgent need to accelerate the adoption of electric vehicles (EVs) in India, highlighting the government’s initiatives and the significant role of the private sector in the transformation.

“There is a huge disruption taking place and it’s important that we accelerate the pace of electric vehicles both in two-wheelers and three-wheelers which account for about 75 per cent of our vehicles and the government has already allocated Rs 57,613 crores for procuring 10,000 electric buses.”

“Many companies doing battery manufacturing which will be the next big driver of growth”, Kant predicted, envisioning India as a global hub for battery production.

Setting an ambitious goal, Kant stated, “So our objective should be to make India fully electric as far as two-wheelers, three-wheelers and buses are concerned by 2030. ensure that India becomes an electric vehicle nation.”

Meanwhile, addressing a session on ‘Future of Competitive India: Should India have an Integrated Trade & Invest Policy?’, Rajesh Kumar Singh, Secretary, Department for Promotion of Industry and Internal Trade, highlighted that in 2012, we were at 11 in the GDP rankings.

“Today we are at 5, jumping 6 places, it is inevitable that we will go to 3 in the next 2-3 years. We are in a position to regain our historical share in global trade & investment on the back of sustained growth rates,” he said.