New Delhi:
G20 Sherpa and former CEO of NITI Aayog, Amitabh Kant said that as the world’s attention is shifting towards the developing countries of the Global South, India’s rapid economic progress is a major boost to the global economy. Economy) will play an important role in shaping the future.
“According to the IMF, 75-80 per cent of the economic growth this year will come from the Global South,” Kant said in his address at an event organized by the Association of Mutual Funds in India (AMFI).
India will overtake Germany and Japan by 2027
He said that on the basis of economic reforms and huge investment in the field of infrastructure, India has emerged as the fifth largest economy in the world. Due to rapid economic growth, India will now overtake Germany and Japan by 2027.
The country is on its way to becoming a US $ 30 trillion economy by 2047.
Amitabh Kant further said that India’s future will be driven by continued investment in infrastructure, digital innovation and environmental sustainability and the country is on track to become a US $ 30 trillion economy by 2047.
India’s role in global development
Amitabh Kant said that both the IMF and the World Bank have predicted that three-quarters of global growth in the next three decades will come from the Global South, which will be largely driven by a young and mobile population. This demographic dividend will play an important role in economic expansion and is in sharp contrast to Europe and the US, where the population is aging.
India’s transformation through economic reforms
Amitabh Kant talks about India’s decade-long transformation from being labeled as one of the world’s “five weak” countries by the IMF to becoming a global economic superpower. He said this transformation is driven by several bold structural reforms, including implementation of GST, Insolvency and Bankruptcy Code (IBC), Real Estate Regulation and Development Act (RERA) and Ease of Doing Business. Various initiatives are involved to improve Doing Business.
India’s pace in financial inclusion
Amitabh Kant further said that only 18 percent of Indian women had access to bank accounts in 2016. This figure has now increased to 91 percent, which shows the rapid progress made by the country in ensuring financial inclusion.
India’s progress in climate change and green energy
According to Amitabh Kant, India is also making rapid progress in green energy including production and distribution of green hydrogen to meet the country’s decarbonization goals in the fight against climate change. .