'Political freedom in 1947, technological freedom by 2047': Ola CEO Bhavish Aggarwal shares $50 trillion vision for India

India has witnessed significant economic growth over the past decade, with its GDP nearly doubling to $3.5 trillion. Ola CEO Bhavish Aggarwal has shared his vision for India's growth. He claimed that by increasing the economic growth rate from 8 per cent to 12 per cent, India can transform into a $50 trillion economy by 2047. Aggarwal claims that this goal involves leveraging advanced technologies, particularly AI and new energy, to drive growth and competitiveness.

Aggarwal highlights the importance of AI and new energy technologies as foundational to India's economic transformation. He envisions AI revolutionising productivity across various industries, while new energy will reduce costs and foster a green future. Investing in these areas is crucial for creating high-value jobs, strengthening supply chains, and positioning India as a global leader in future industries.

India's own AI industry

Bhavish Aggarwal stresses the need for India to develop its own AI industry, which he claims will not only create jobs but also enhance economic growth. The tech tycoon has already started his efforts with the in-house Krutrim AI. He believes that India, with its large pool of developers, vast data generation, and significant IT industry, has the potential to become an AI powerhouse. To achieve this, he proposes leveraging India's strengths in data, compute, and algorithms.

"We must prioritise AI and new energy as foundational technologies. These aren't just standalone sectors, but enablers that can revolutionise our entire economy," Aggarwal asserts. He points out that although India generates 20% of the world’s data, much of it is stored offshore. To counter this "data colonisation," he advocates for building a robust domestic AI infrastructure. Additionally, increasing data centre capacity and developing cutting-edge AI chips are essential steps. The government and industry must work together to localise data and incentivise global computing investments in India.

EV sector

Unsurprisingly, Aggarwal's vision extends to the energy sector, where he sees a shift from fossil fuels to renewable energy, battery storage, and electric vehicles (EVs). He notes that India has made significant strides in renewable energy, particularly solar power, but needs to accelerate its efforts to match global leaders. Aggarwal says for renewable energy to be effective, robust battery storage solutions are essential.

He also emphasises the potential of the EV market, aiming for India to become the largest EV market by 2030. "By 2030, India should aim to become the world's largest EV market by accelerating EV-friendly policies and encouraging industry-wide support for the EV transition across all mobility types," Aggarwal says. This transition will not only create a cleaner environment but also lower transportation costs and generate numerous jobs. Building a self-sufficient new energy ecosystem in India will reduce dependence on imports and position the country as a key player in the global energy landscape.

Technological freedom

Aggarwal says his vision is not just about economic growth but about creating a new India that is a leader in technology. He envisions India achieving technological freedom by 2047, becoming not just a consumer of global tech but a creator and leader. This requires a unique approach tailored to India's strengths and challenges, focusing on societal transformation through technology.

"In 1947, we won our political freedom. In 2047, we must achieve our technological freedom," Aggarwal states. By mastering AI, new energy, and other advanced technologies, India can ensure that the benefits reach all its citizens, fostering innovation and creating future-ready jobs. Aggarwal believes that bold actions and big dreams are essential for India to emerge as a true tech superpower.