Deloitte: India must grow at a rate of 8–9% annually to become a developed nation by 2047

According to Prime Minister Narendra Modi's goal of having a developed country by 2047, India must expand at an annual rate of 8 to 9 percent for the next 20 years. Romal Shetty, the CEO of Deloitte South Asia, said.

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The 'China plus one' strategy, according to him, can be advantageous for India because no other nation can provide the scope and size of activities that are available here. Shetty stated that India now has 200 businesses in the space industry and can draw in USD 100 billion in investments by 2040.

"To become a developed economy, we must expand at a rate of 8–9% till at least 2047... going beyond middle income level... It is difficult to develop at such rate. According to Shetty, only few nations have been able to expand at a rate of 8 to 9 percent annually.

In a recent interview with PTI, Modi predicted that India will soon rank among the top 3 economies. By 2047, India would undoubtedly be one of the developed nations. PM Modi pledged to increase the diversity and creativity of our economy..

After China, Japan, the United States, and Germany, India currently has the fifth-largest economy in the world. According to an S&P Global assessment released this month, India's economy would grow from its present level of USD 3.4 trillion to USD 6.7 trillion by 2031.

Shetty added that India can search for chances in the agriculture and space industries as well as other emerging fields like semiconductors and electric vehicles.

In addition, he claimed that the nation is developing highways at a "frantic pace" of 16,000–18,000 kilometres annually, which fosters growth and trade.

'China plus one' is on the minds of multinational corporations. There is no question in my mind. While there are other countries that will gain when businesses choose to relocate their manufacturing to a location other than China, Shetty emphasised that no other country has the scope and magnitude that India does.

He claimed that importing crude oil is India's biggest problem. Similar to how technology has changed the nation, artificial intelligence (AI) has biases and has the potential to be divisive. These are issues that need our attention.