'India's demographics are very young': Amitabh Kant projects $30 trillion economy by 2047

India is on track to become a $30 trillion economy by 2047, driven by its youthful population and rapid urbanisation, G20 Sherpa Amitabh Kant said on Monday. Speaking at a session on the sidelines of the International Air Transport Association (IATA) event in New Delhi, Kant highlighted the country's demographic advantage and ambitious infrastructure goals.

"The demographics are very young. The Western part of the world is ageing and Japan has already aged, even China is ageing. India is just 28 and even when we become 100, the average age will be 35 years. It is a country of baby boomers," Kant said.

He noted that India has just become the world’s fourth-largest economy, reaching the $4 trillion mark. According to his projection, this could increase to nearly $30 trillion by 2047—the year marking 100 years of India’s independence.

Kant also outlined the scale of urbanisation India must prepare for. “You need to create two new Americas in the next five decades. You need to create a Chicago every five years in India. That is the challenge for India,” he said. He estimated that around 5 million people will enter the urban fold in the coming years, necessitating the creation of 500 new cities.

Highlighting the role of aviation in this growth, Kant said India aspires to build 400 airports, compared to the current 150-plus operational ones. “You need great airports, great airlines, you need them to do long haul... IndiGo and Air India with their wide body aircraft should go out and compete with Emirates, Qatar Airways... We believe in competing in the marketplace," he said.

(With inputs from PTI)