Amitabh Kant, the G20 Sherpa and former NITI Aayog CEO on Saturday said that India’s comprehensive approach to growth, rooted in structural reforms, digital advancements, green initiatives, and infrastructure development, has transformed its economy and solidified its position as a major global economic force.
With the world turning its attention to the Global South, India’s progress is set to significantly influence the future of the global economy.
Currently ranked as the fifth-largest economy, India is on track to surpass Germany and Japan by 2027. Its growth journey, marked by resilience and innovation, showcases the impact of strategic reforms.
Global Growth & The Global South
According to the International Monetary Fund (IMF), 75-80% of global growth this year will come from the Global South, with India and Indonesia leading this trend.
Speaking at an event organized by the Association of Mutual Funds in India (AMFI), Kant noted, “If the world has to grow rapidly, as per the IMF, 75-80 per cent of growth this year will be coming from the Global South.”
The IMF and World Bank project that over the next 30 years, three-fourths of global growth will stem from the Global South, driven by a young and dynamic workforce.
Meanwhile, Europe and the United States face challenges from ageing populations, Kant added.
India’s transformation over the past decade, from being one of the ‘Fragile Five’ economies to a global powerhouse, reflects the success of bold reforms such as the Goods and Services Tax (GST), Insolvency and Bankruptcy Code, Real Estate Regulation and Development Act (RERA), and Ease of Doing Business initiatives.
These reforms have paved the way for sustained and competitive growth, according to Kant.
He also highlighted India’s progress in financial inclusion, with women’s access to bank accounts rising from 18% in 2016 to 91% today, demonstrating significant advancements in financial accessibility.
In addition, India is making notable progress in producing and distributing Green Hydrogen, a key component of its decarbonization efforts and clean energy ambitions.
Kant emphasized the importance of infrastructure investment, digital innovation, and environmental sustainability as key drivers of India’s future growth.
With these pillars in place, India will likely become a USD 30 trillion economy by 2047.
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