India to contribute 30% of global GDP by 2040; focus on ‘champion states’ growing at 11% per annum: Mr. Amitabh Kant

At the CII Business Summit 2024 in New Delhi, Mr. Amitabh Kant, India's G20 Sherpa, and former CEO of NITI Aayog, projected that India is on track to contribute 30% of the global GDP between 2035-2040 and will surpass Germany and Japan in economic growth by 2027. Mr. Kant emphasized the need for the Indian government to collaborate with states to develop 12-13 'champion states' achieving annual growth rates of 10-11%. He highlighted India's significant structural reforms, leading to an 8.4% growth in the last three quarters, and urged Indian companies to expand globally, focus on quality, and penetrate international markets for accelerated growth.

Mr. Kant outlined critical areas for India's private sector, including scaling up manufacturing, becoming leaders in emerging industries, exporting, and adopting AI across sectors. He stressed the importance of transitioning to green energy and enhancing R&D. Highlighting the disruption in the automotive industry due to the global shift towards sustainable transport, he noted the government's substantial investment in electric vehicles (EVs), particularly in two-wheelers, three-wheelers, and electric buses. He anticipated significant growth in EV manufacturing, supported by the Production Linked Incentive (PLI) scheme, and predicted a boom in battery manufacturing involving major companies like Tata, Reliance, Maruti, and Exide.

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