BVR Subrahmanyam, CEO of NITI Aayog, outlined an optimistic vision for India’s economic future, stating that the Indian economy is set to double by 2030. This projection positions the country as a major global player in the coming years.
Subrahmanyam highlighted that by 2047, India will boast one of the world’s youngest populations, which will be a key driver for economic prosperity. He projected a significant increase in per capita income, estimating it to reach between $18,000 and $20,000.
“India stands at a pivotal moment in its journey toward becoming a global powerhouse,” Subrahmanyam remarked, emphasizing the importance of leveraging demographic advantages and the substantial economic progress made over the past decade.
Overcoming Challenges for Growth
Addressing various challenges, he noted that India has made strides in managing issues such as natural disasters and poverty. By mid-2025, many foundational problems are expected to be resolved, setting the stage for robust economic advancement.
The Path to Becoming a Global Powerhouse
Subrahmanyam articulated India’s ambition to become the third-largest economy by 2026-2027. He pointed out that achieving this goal will require a cohesive strategy to navigate the middle-income trap, a significant barrier to sustained growth.
“As a ‘Vishwamitra’ and ‘Vishwabandhu’, India’s rise benefits the world, particularly through its leadership in climate and green technologies,” he noted, underscoring India’s role in global sustainability efforts.
Infrastructure and Innovation as Catalysts
The CEO stressed the need for enhanced urban development and infrastructure, with cities designed as economic hubs. He called on the private sector to take the lead in innovation and investment, supported by an environment conducive to both portfolio and direct investments.
“Reforming supply chains is essential for navigating globalization,” Subrahmanyam added, emphasizing India’s commitment to Atmanirbharta, or self-reliance, which aims to foster trade on India’s terms.
Collaborative Growth and Future Prospects
Finally, he underlined the importance of state-level reforms and cooperative federalism in achieving inclusive growth. By positioning itself as a solutions hub for engineering and promoting “Make in India,” India aims to create a robust foundation for accessing global markets.
The insights were shared during the 11th Annual Forum of the Public Affairs Forum of India (PAFI) held in New Delhi on September 18, 2024, emphasizing a commitment to fostering trust and collaboration among business, society, and government.
