R ARIVANANTHAM
CHENNAI, AUG 8
Emphasizing that developed states like Tamil Nadu, Maharashtra and Gujarat should become a role model to create a conducive atmosphere to attract more global investments in industries so as to make the country a $55 trillion economy by 2047, Prof Krishnamurthy V Subramanian said here on Thursday.
“India can be a $55 trillion economy by 2047 as we are targeting 8% real growth and 5% inflation. said @SubramanianKri , Executive Director, @IMFNews & Former Chief Economic Advisor, Government of India during the book launch of 'India@100: Viksit Bharat 2047'.(1/4) pic.twitter.com/uVPEuZUqzu
— CII Southern Region (SR) (@CII4SR) August 8, 2024
“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’. Penned by him, the book launch was organized by Confederation of Indian Industry (CII), in Chennai today.
In a special In-conversation Prof Krishnamurthy V Subramanian 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.”
Later interacting with media Prof K V Subramanian said that under the federal setup, the state governments should come forward to create a conducive atmosphere to attract more global investments in industries.
The need of the hour is the state governments should create a land bank for industrial projects and all approvals should be made single window system, he added.
Developed states like Tamil Nadu, Maharashtra and Gujarat should become a role model in this regard, he said.
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.”
“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 R Dinesh, Immediate Past President, Confederation of Indian Industry & Chairman, CII Centre of Excellence on Employment & Livelihood.
