New Delhi, Mar 22 (KNN) India's G20 Sherpa and former NITI Aayog CEO, Amitabh Kant, made a bold proclamation, on Thursday, stating that within the next five years, India is poised to surpass Japan and Germany, emerging as the third-largest economy and stock market globally.

During his address at a conference titled "The Deccan Conversations, Accelerating Our Growth Story," Kant highlighted India's remarkable growth trajectory, citing a consistent growth rate of 8.3 per cent plus over the last three quarters.

The conference was organised by the Confederation of Indian Industry (Southern Region), where he emphasised India's resilience during this period, characterizing the nation as a formidable powerhouse.

Quoting insights from the International Monetary Fund (IMF), Kant projected that India would contribute nearly 20 per cent to the world's economic expansion in the coming decade.

He stressed the pivotal role of South India as the engine driving India's growth narrative towards achieving a USD 35 trillion economy by 2047.

Identifying key areas for growth, Kant emphasised the importance of manufacturing, smart urbanisation, and agriculture.

He underscored the need for India to enhance learning outcomes and skills, aiming to provide 30 per cent of the global skilled manpower by 2047.

Additionally, Kant emphasised the necessity of fostering a conducive ecosystem for large companies to thrive, thus supporting the growth of Micro, Small and Medium Enterprises (MSMEs).

He advocated for a significant increase in research and development spending from the current 0.7 per cent to at least 2.5-3 per cent of GDP.

Moreover, Kant highlighted the simplification of business procedures at the central level, resulting in the elimination of 1500 laws. He also commended the Start-up India movement, which has witnessed remarkable growth, with the number of start-ups skyrocketing from a mere 150 to 125,000, including 115 unicorns.

(KNN Bureau)