From $4 Trillion To $30 Trillion: Amitabh Kant On India’s Growth Ambitions And Global Hurdle

Amitabh Kant, speaking at the 51st National Management Convention, outlined the ambitious challenge facing India: transforming from a $4 trillion economy with a per capita income of $2,500 to a $30 trillion economy with a per capita income of $18,000 by 2047. This monumental task requires India to grow its GDP ninefold and per capita income eightfold, necessitating sustained growth of 10% annually over the next 30 years. Kant drew parallels with historical examples, noting how Japan, South Korea, Taiwan, Singapore, and China achieved similar economic feats during periods of global trade expansion. However, India now faces significant obstacles, including disruptions in global value chains and rising protectionism. He highlighted recent US duties on electric vehicles and components, semiconductor panels, and the broader geopolitical challenges affecting global trade, including conflicts in Europe and the Middle East, which impact fuel and fertilizer supplies. Despite these hurdles, India's strategic response and resilience will be crucial in navigating these complex global dynamics and achieving its economic goals.