New Delhi, Feb 22 (KNN) G20 Sherpa Amitabh Kant emphasised India's projected ascent to becoming the third largest economy by 2027 while highlighting the current recessionary trends in Japan, the United Kingdom, and Germany, suggesting that India's economic progression could accelerate accordingly.

He stated, "India will be the third largest economy by 2027. And now that Japan, the United Kingdom and Germany are all in the recession phase, we should be able to do it much quicker and much faster."

The statement was made at an event organised by the All India Management Association, as reported by BS.

Kant stressed the necessity for India to maintain an annual growth rate of 9-10 per cent over the next three decades to achieve its ambitious goal of becoming a USD 35 trillion economy by 2047.

With India currently ranking as the fifth largest economy, Kant underlined the importance of ambition in propelling rapid growth.

"And it is important to be ambitious to make India grow at rapid rates and be USD 35 trillion economy by 2047," Kant further added.

Reflecting on India's economic journey, Kant noted significant strides made since facing balance sheet challenges.

He contrasted India's innovation landscape with that of the West, emphasising the power of India's digital public infrastructure in fostering innovation.

Kant underscored India's future growth pillars, which include sustainable urbanisation, enhanced agricultural productivity, and increased exports. With these strategies in place, India aims to solidify its position as a global economic powerhouse ahead of schedule.

(KNN bureau)