India Eyes Surpassing Germany & Japan by 2027, says Amitabh Kant at CII Summit

G20 India Sherpa Amitabh Kant, speaking at the CII Annual Business Summit 2024, expressed confidence in India’s economic trajectory, citing substantial structural reforms that have propelled the nation from the “fragile 5” to the top 5. With a remarkable growth rate of approximately 8.4% over the last three quarters, Kant boldly declared India’s ambition to surpass both Germany and Japan by 2027. Analysts anticipate that India will contribute 30% of global GDP growth between 2035-2040.

Addressing the session on the ‘Future of Globalisation: Challenges for Indian Industry,’ Kant emphasized the imperative for Indian companies to embrace global markets and prioritize quality for sustained growth. He advocated for collaboration between the central and state governments to nurture 12-13 champion states capable of achieving growth rates of 10-11% annually.

Kant underscored the urgent need for accelerating the adoption of electric vehicles (EVs) in India, highlighting government initiatives and the private sector’s pivotal role in driving this transformation. With a focus on electric mobility, Kant envisioned India as a global hub for battery production, predicting that battery manufacturing would be a significant driver of future growth.

Propelling India towards a sustainable future, Kant set an ambitious goal of transitioning two-wheelers, three-wheelers, and buses to electric power by 2030, envisioning India as a fully electric vehicle nation. Meanwhile, Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade, highlighted India’s ascent in the global GDP rankings, projecting a further climb to third place within the next 2-3 years. Singh emphasized India’s readiness to regain its historical share in global trade and investment through sustained growth rates.