NITI Aayog CEO Outlines Path to Double India's Economy by 2030

NITI Aayog CEO Amitabh Kant has outlined a clear roadmap for India to double its economy to $7 trillion by 2030. Speaking at the Public Affairs Forum of India (PAFI)'s 11th Annual Forum, Kant emphasized the critical role of policies, partnerships, and priorities in achieving this ambitious goal.

Enabling Policies for Growth

Kant stressed the importance of enabling policies that foster sustainable growth, promote innovation, and leverage India's demographic dividend. He highlighted the government's initiatives such as Gati Shakti, Production Linked Incentive (PLI), and Digital India, which aim to develop infrastructure, encourage green growth, and drive financial inclusion.

"Predictable government policies that foster sustainable growth will be crucial, along with promoting innovation and leveraging India's demographic dividend," Kant said.

The NITI Aayog CEO underscored the significant potential of India's digital economy, which is expected to surpass $1 trillion by 2030. Sectors such as fintech, e-commerce, and digital services are poised to drive this growth, supported by strong digital public infrastructure and widespread internet connectivity.

"India's digital economy is a major growth engine and is anticipated to surpass $1 trillion by 2030, with significant contributions from sectors like fintech, e-commerce, and digital services," Kant added.

Kant emphasized the importance of modernizing agricultural practices to enhance farm productivity and empower rural communities. He highlighted the potential of advanced technologies like precision farming, drone surveillance, and IoT to improve crop management, reduce waste, and increase yields.

"Innovation in the agricultural sector will be vital for maintaining food security amidst climate change and other challenges," Kant said.

Kant underscored the need to expand the manufacturing sector, noting that India has signed 14 Free Trade Agreements (FTAs) and six preferential pacts in the last decade. These partnerships allow for trade diversification and mitigate the impact of geopolitical tensions or economic shocks.

Kant emphasized the importance of collaborative efforts among key stakeholders, including the government, industry, academia, and civil society, to drive the momentum needed to reach a $7 trillion economy by 2030.

"The three Ps – Policies, Partnerships, and Priorities will be the foundational pillars for achieving India's 2030 vision," Kant concluded.

As India sets its sights on doubling its economy in the next six years, the NITI Aayog CEO's insights provide a clear roadmap for policymakers and industry leaders to work together towards this ambitious goal.