Indian Economy News

High growth of 8-9% to be driven by manufacturing and urbanisation: Mr. Amitabh Kant

According to G20 Sherpa, Mr. Amitabh Kant, if India focuses on manufacturing and urbanisation, it could drive high growth of 8-9% from both sectors. As per him, about 5,500 census towns need to have master planning, and sustainable urbanisation is the way forward.

While speaking at an event for the release of a report titled 'The Rise of India's Middle Class,’ he further mentioned that the bulging middle class holds immense power to drive sustained economic, political, and social growth in India.

Mr. Amitabh Kant stated that as the number of middle-class individuals grows, India will have a greater need for high-quality healthcare, education, housing, and consumer goods, among other things. The growth of the middle class in India is a further indication of the long-term economic development of the nation. The middle class is also increasing and rising because of technological developments and continuous growth. Therefore, there is a need to ensure that there is a regional balance in growth.

He further emphasized that there is a need for the government to focus on education, healthcare, and the creation of job opportunities. The goal of having a fully developed nation by 2047 suggests that the middle class must be the main engine of India's economic development. While talking about challenges, he said that the southern part of India is growing and urbanising rapidly. If the nation must grow job opportunities, it must work for the development of service, manufacturing, and agricultural productivity as well.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.