India's Path to a $30 Trillion Economy by 2047: Jaishankar Highlights Vision

Kolkata, May 2024 – India’s External Affairs Minister S. Jaishankar outlined an ambitious vision for the nation’s economic future. Addressing an enthusiastic audience In a packed ballroom at Kolkata’s Taj Bengal hotel, Jaishankar emphasized the goal of transforming India into a $30 trillion economy by 2047, aligning with Prime Minister Narendra Modi’s long-term vision.

Jaishankar spoke passionately about the pride of India’s 1.4 billion citizens and the revival of the manufacturing sector as key components of this economic transformation. “Our immediate step is to become a $5 trillion economy,” he said. “Our next target is to see when we can achieve a $30 trillion economy in our Viksit Bharat journey.”

This vision is echoed by other key leaders in the Modi government. Finance Minister Nirmala Sitharaman recently addressed the Vibrant Gujarat Global Summit, predicting that India will reach a $5 trillion economy by 2028 and $30 trillion by 2047. The current staggered seven-phase election is seen as pivotal for this long-term economic strategy.

Financial institutions share this optimism. Krishnamurthy Venkata Subramanian, India’s executive director at the International Monetary Fund (IMF), stated that with continued good policies and accelerated reforms, India could sustain an 8% growth rate until 2047. The World Bank’s 2024 report also projects India’s output growth at 7.5% for FY23/24.

Prominent industrialist Gautam Adani further supported this vision, projecting that India will become the world’s third-largest economy before 2030 and the second largest by 2050. Adani highlighted that India’s demographic dividend is set to drive consumption and expand the tax-paying society rapidly.

“Following independence, it took us 58 years to reach our first trillion dollars of GDP, 12 years for the second trillion, and just five years for the third trillion. I foresee India adding a trillion dollars to its GDP every 18 months within the next decade,” Adani stated.

With a shared vision from government leaders and financial experts, India’s journey towards a $30 trillion economy by 2047 appears both ambitious and achievable.