Indian economy to be close to $30 trillion by 2047: Amitabh Kant
India's economy, which is currently USD 4 trillion in size, is expected to be close to
USD 30 trillion by 2047
and the country also has the advantage of younger demographics, G20 Sherpa
Amitabh Kant
said on Monday.
He was speaking at a session on the sidelines of the
International Air Transport Association
(IATA) in the national capital.
"The demographics are very young. The Western part of the world is ageing and Japan has already aged, even China is ageing. India is just 28 and even when we become 100, the average age will be 35 years. It is a country of baby boomers," Kant said.
According to him, the country's economy will be close to USD 30 trillion in 2047.
The country is a USD 4 trillion economy and just became the fourth largest economy in the world, he added.
Live Events
While emphasising about sustainable urbanisation, Kant said the country will see around 5 million people getting into the process of urbanisation and there will be a need to create 500
new cities in India
.
"You need to create two new Americas in the next five decades. You need to create a Chicago every five years in India. That is the challenge for India," he said.
Kant also said that India's ambition is to create 400 airports.
There are more than 150 operational airports in the country.
"You need great airports, great airlines, you need them to do long haul... IndiGo and Air India with their wide body aircraft should go out and compete with Emirates, Qatar Airways... We believe in competing in the marketplace," he noted.
Economic Times WhatsApp channel
)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
27 minutes ago
- Indian Express
Knowledge Nugget: G7 Group –– Historical evolution and importance for UPSC
Take a look at the essential concepts, terms, quotes, or phenomena every day and brush up your knowledge. Here's your knowledge nugget for today. (Relevance: International groupings are important for both your prelims and Mains examination. In Prelims, questions have been asked on BRICS and G20. The Group of Seven countries comprises powerful economies that have significant influence worldwide. As the G7 leaders' summit is scheduled later this month, it becomes important for you to develop a comprehensive understanding of this grouping. ) This year marks the 50th anniversary of the first Group of 7 (G7) meeting. Canada is hosting the 2025 G7 Leaders' Summit, which will be held in Kananaskis, Alberta, from June 15 to 17, 2025. Canada has hosted 6 summits to date: 1981, 1988, 1995, 2002, 2010, and 2018. With less than two weeks to go for the start of the G7 Summit, being hosted by Canada in Kananaskis in Alberta from June 15-17, India is still to receive an invitation to the gathering. If the invitation window closes, Delhi's absence at the summit will be the first break since 2019. Barring 2020 when the G7 huddle was cancelled by the US, the host country, Prime Minister Narendra Modi has attended every summit since 2019. 1. The Group of 7 (G7) is an informal group of seven countries that consists of the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. Together these countries represent 40% of global GDP and 10% of the world's population. 2. It has no legal existence, permanent secretariat or official members. There is no binding impact on policy, and all decisions and commitments made at G7 meetings need to be ratified independently by the governing bodies of member states. 3. History: The G7 originated from a 1973 meeting of finance ministers and central bank governors in Paris, France. This meeting was convened in response to major economic challenges of at time – an oil crisis, rising inflation and collapse of the Bretton Woods system. US Treasury Secretary George Schultz decided that it would be beneficial for the large players on the world stage to coordinate with each other on macroeconomic initiatives. Bretton Woods System 4. Thus, the idea of a forum was born, where major industrialised democracies could coordinate economic policies to address common challenges. The first G7 summit was held in 1975 in Rambouillet, France, bringing together the leaders of France, Germany, the United Kingdom, the United States, Italy and Japan. Canada joined the next year. 5. Since 1977, representatives of the European Economic Community, now the European Union, have also participated. Following the collapse of the Soviet Union in 1991 and a subsequent thaw in relations between the East and West, Russia was also invited to join the group in 1998. Thereafter, the group was named the G8 until 2014, when Russia was expelled for its annexation of Crimea from Ukraine. 6. The presidency of G7 meetings is held by each of the seven countries in turn, each year. The country holding the presidency is responsible for organising and hosting the meeting. This year, Canada is holding the presidency. 7. The G7 summit provides a forum for member countries to discuss shared values and concerns. While it initially focused on international economic policy, in the 1980s, the G7 extended its mandate to include issues related to foreign policy and security as well. 8. Over the years, the G7 has evolved from an economic forum to a platform that aims to address a range of global challenges. Concluding with a communiqué outlining political commitments, the annual summit influences global governance, agenda-setting and decision-making processes. 9. Usually, G7 host countries invite some countries as guest countries or outreach partners. Canada has so far invited Ukraine and Australia. It has not released names of other guest countries. 1. G 15: According to the official website of the IMF, the Group of Fifteen (G15) was established at the Ninth Non-Aligned Summit Meeting in Belgrade, then Yugoslavia, in September 1989. It mainly comprises of countries from Latin America, Africa, and Asia with a common goal of enhanced growth and prosperity. It focuses on cooperation among developing countries in the areas of investment, trade, and technology. The membership of the G15 has since expanded to 17 countries, but the name has remained unchanged. 2. G20: The G20, or the Group of Twenty, is an informal grouping of 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, and the United States) and the European Union and African Union. These members represent around 85 per cent of the global GDP, over 75 per cent of global trade, and about two-thirds of the world population. As a forum for international economic cooperation, it plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. 3. G24: The Group of Twenty-Four (G24), originally a chapter of the G77, was established in 1971. They call themselves Like Minded Developing Countries (LMDCs). They coordinate the positions of emerging markets and developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented at international platforms. India is part of the LMDC grouping along with China, Indonesia, Malaysia, Iran, Bangladesh, Sri Lanka, the Philippines and others 4. BRICS: BRICS stands for Brazil, Russia, India, China, and South Africa, the original five members who were large, non-Western economies. In January this year, Indonesia officially joined the BRICS as a full member taking total membership to 10. Egypt, Ethiopia, Iran, and the United Arab Emirates are also part of the bloc. The organisation now represents almost half the world's population and almost one-quarter of the world's economy. Post read question (1) In which one of the following groups are all the four countries members of G20? (UPSC CSE 2020) (a) Argentina, Mexico, South Africa and Turkey (b) Australia, Canada, Malaysia and New Zealand (c) Brazil, Iran, Saudi Arabia and Vietnam (d) Indonesia, Japan, Singapore and South Korea (2) With reference to the G7, consider the following statements: 1. It is a formal grouping of advanced democracies that meets annually to coordinate global economic policy and address other transnational issues.. 2. It comprises of US, Germany, Canada, the UK, Japan, Italy, and France, along with the European Union. Which of the statements given above is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2 Subscribe to our UPSC newsletter. Stay updated with the latest UPSC articles by joining our Telegram channel – IndianExpress UPSC Hub, and follow us on Instagram and X. 🚨 Click Here to read the UPSC Essentials magazine for May 2025. Share your views and suggestions in the comment box or at Khushboo Kumari is a Deputy Copy Editor with The Indian Express. She has done her graduation and post-graduation in History from the University of Delhi. At The Indian Express, she writes for the UPSC section. She holds experience in UPSC-related content development. You can contact her via email: ... Read More
Economic Times
29 minutes ago
- Economic Times
Rupee falls 25 paise to 85.86 against US dollar in early trade
The rupee depreciated 25 paise to 85.86 against the US dollar in early trade on Wednesday amid outflows of foreign funds. ADVERTISEMENT Forex traders said the decline was limited by a positive domestic equity market, softer global crude oil prices and a weak American dollar. At the interbank foreign exchange, the rupee opened on a weak note at 85.69 and slipped further by 25 paise to 85.86 against the American currency in early trade. On Tuesday, the rupee fell 22 paise to settle at 85.61 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.05 per cent at 99.18. Brent crude, the global oil benchmark, declined 0.32 per cent to USD 65.42 per barrel in futures trade. ADVERTISEMENT "Restrictive flows have kept the rupee ranged between 85-86 in the past two weeks, with the RBI selling dollars at 85.70-75 levels. The RBI MPC begins its 3-day deliberations today with the announcement of rates on Friday morning and is expected to cut repo rate by 25 bps to 5.75 per cent," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. In the domestic equity market, the 30-share BSE Sensex climbed 230.17 points to 80,967.68, while the Nifty rose 70.25 points to 24,612.75. Foreign Institutional Investors (FIIs) sold equities worth Rs 2,853.83 crore on a net basis on Tuesday, according to exchange data. PTI (You can now subscribe to our ETMarkets WhatsApp channel)
Hindustan Times
31 minutes ago
- Hindustan Times
NATO wrestles over how to handle Ukraine at Trump summit
How to have Ukraine's Volodymyr Zelensky at NATO's Hague summit and avoid a bust-up with US President Donald Trump? What to say on Kyiv's desire to join their alliance? With NATO appearing on track to seal a deal on ramping up defence spending, another thorny issue now threatens to overshadow the gathering in three weeks: what to do about Ukraine? When they met in Washington a year ago, NATO's leaders feted Zelensky, pledged more military hardware and vowed Kyiv was on an "irreversible path" for membership in their alliance. That was before Trump's return to the White House ripped up Washington's support for Ukraine and upended the West's approach to Russia's three-year war. Since he regained the US presidency, Trump had a dramatic Oval Office falling out with Zelensky, opened the door to warmer ties with Moscow and forced both sides to the negotiating table. Kyiv's European backers have pushed to invite Zelensky to the June 24-25 meeting in the Netherlands to show NATO still stands strongly behind Ukraine. But the United States has been reluctant even to have Zelensky there and the reality is Trump has already blown a huge hole in Western backing for Kyiv. The Ukrainian leader said this week he'd received an invite from NATO chief Mark Rutte for Kyiv to be there in some form. "We can confirm that Ukraine will be with us in The Hague," a NATO official told AFP. Diplomats, speaking on condition of anonymity, said Zelensky could come for a dinner hosted by the Dutch king for NATO leaders, but that there likely wouldn't be formal talks between Ukraine and the alliance. "It will be a PR disaster if he's not there," a European diplomat said, speaking as others on condition of anonymity. How Zelensky may be received in The Hague looks set to depend heavily on the progress, if any, of fraught talks with Russia over the next few weeks. So far two rounds of meetings between the warring sides in Istanbul have produced few results. Trump appears to be getting increasingly annoyed with Russian President Vladimir Putin for dragging his feet on a ceasefire. But the US leader still hasn't responded with sanctions against Moscow and has equally expressed his displeasure with Zelensky's outspokenness. Rutte has insisted that Ukraine remains a "priority" issue at the summit. Diplomats, however, say that the overwhelming focus is on striking an agreement on spending that satisfies Trump's demands to spend five percent of GDP on defence and keeps the United States on board at NATO. Multiple officials say the alliance looks set to reach a compromise put forward by Rutte of 3.5 percent of GDP on core defence, and 1.5 percent on broader spending such as infrastructure. "Defence spending is the most important part and no one wants to jeopardise that," a second diplomat said. One area where there doesn't seem much uncertainty is that NATO will steer clear of its previous strong statements that Ukraine is on course to join the alliance. Trump has repeatedly poured cold water on Ukraine's ambition to become a member and even blamed Kyiv's bid to join for provoking Russia's war. NATO is aiming to keep a final declaration from the summit short and avoid mention of Ukraine's possible membership to not open up any fissures. "There will be nothing on that," said a third diplomat, at NATO. "My expectation is we will be absolutely silent." There also looks set to be no joint statement on military support from the alliance's 32 countries as Trump has hit the brakes on assistance. In a sign of how far the US has moved, officials said US defence secretary Pete Hegseth won't attend a meeting of NATO backers in Brussels on Wednesday. He will however jet in for a meeting of NATO defence ministers on Thursday. del/ec/giv
