India Needs 10% GDP Growth to Achieve ‘Developed Nation’ Status by 2047

Reaching the ambitious goal of a “Developed India” (Viksit Bharat) by 2047 requires a significant economic boost, according to CII president Rajiv Memani. He highlights the need for a consistent 10% average nominal GDP growth annually to achieve this vision. This ambitious target underscores the scale of the undertaking required to transform India’s economy.

Memani expresses optimism regarding the recently signed interim India-US trade pact. He believes this agreement will alleviate existing economic uncertainties, creating a more stable environment conducive to increased technology transfer and strategic partnerships between the two nations. This collaboration is anticipated to positively impact India’s technological advancement and export capabilities.

The Confederation of Indian Industry (CII) projects a more conservative growth rate for the current fiscal year, estimating India’s economic growth to fall within the range of 6.4% to 6.7%. This projection is largely attributed to robust domestic demand, showcasing the strength of India’s internal market.