India’s economy is on track to grow at a rapid pace, and it could double its size by 2030, according to BVR Subrahmanyam, CEO of NITI Aayog. Speaking at an event organized by the Public Affairs Forum of India (PAFI), he highlighted that the country’s ambition to become the third-largest economy by FY 2026-2027 will need a clear and strong strategy. Currently, India stands as the fifth-largest economy in the world, valued at approximately $3.7 trillion in nominal US dollar terms.
India’s youthful population by 2047 will fuel growth
By 2047, India will have one of the youngest populations in the world, said Subrahmanyam. He emphasized that this demographic shift will drive India towards greater prosperity, predicting an average per capita income of $18,000 to $20,000 by that time. This demographic advantage, along with the country’s efforts to tackle challenges like poverty and natural disasters, will solidify India’s position as a global power.
A green economy will be critical to India’s future
Subrahmanyam stressed the importance of transitioning to a green economy, noting that NITI Aayog is developing a roadmap to achieve net zero carbon emissions by 2070. He mentioned that a dedicated task force is already working with both central and state governments to meet these ambitious goals. India sees this shift towards green technology as a major opportunity to lead on the global stage in climate solutions.
Private sector should lead in innovation and investment
Urban development, infrastructure, and global value chains (GVCs) will play key roles in India’s economic growth, said the NITI Aayog CEO. He urged the private sector to take the lead in driving innovation and investments in these areas. Subrahmanyam emphasized that the government is creating an environment that attracts both domestic and foreign investments to boost growth.
State-level reforms key to India’s rise as a global leader
Subrahmanyam pointed out that supply chain improvements are essential for India’s integration into the global economy. He also emphasized the importance of state-level reforms and a commitment to cooperative federalism to ensure balanced and inclusive growth. These reforms will be crucial as India emerges as a global economic giant, leading the country to a brighter and more prosperous future.
