"India Can Be a $55 Trillion Economy by 2047 with 8% Real Growth": Says IMF's KV Subramanian at CII event
Chennai, 8th August: "India can be a $55 trillion economy by 2047 as we are targeting 8% real growth and 5% inflation. To put this further into perspective, Japan experienced remarkable economic growth from 1970 to 1995, demonstrating the power of sustained development. The compounding effect on GDP growth means that each year of growth builds on the previous year's achievements, creating exponential progress. China's economic growth since 2007 offers a similar comparison, highlighting how strategic investments and policies can lead to significant long-term economic gains," said Prof Krishnamurthy V Subramanian, Executive Director, International Monetary Fund & Former Chief Economic Advisor, Government of India during the book launch of 'India @ 100: Viksit Bharat 2047'. Authored by him, the book launch was organized by Confederation of Indian Industry (CII), in Chennai today.
In a special In-conversation with Prof Krishnamurthy V Subramanian, he said, "The middle-income trap, a situation where a country's growth slows after reaching middle-income levels, is a critical challenge we must address. Manufacturing growth and integration into global value chains are essential to overcoming this. State governments play a vital role in driving economic reforms to support these efforts. Additionally, it is important to clarify the employment data and job creation landscape in India. Despite various reports, our focus remains on creating sustainable and meaningful employment opportunities for all,".
Mr Shankar Vanavarayar, Immediate Past Chairman, CII Tamil Nadu State Council & Chairman, CII National Task Force on Rural Development and Migrant Workforce said, "India is the 5th largest economy, deeply integrated with cutting-edge technologies, and emerging as a global power. Looking ahead to India@100, the vision for Viksit Bharat 2047 aims to further this progress, transforming India into a fully developed nation by its centenary," during his welcome speech.
"This book gives a practical approach and outlines the four pillars of growth which all of us will enjoy reading. The book gives a professional approach rather than a layman's approach to how we are going to achieve this. The book talks about what we citizens could do and how we facilitate the journey," said Mr R Dinesh, Immediate Past President, Confederation of Indian Industry & Chairman, CII Centre of Excellence on Employment & Livelihood.
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