On latest episode of ThePrint’s Off The Cuff, the founder of India Foundation talks about growth of the Indian economy and the way ahead to become a 30-trillion economy by 2047.
New Delhi: The Indian economy has shown robust growth in the past one year, but it is not immune to the external pressures that affect a country’s growth, India Foundation founder Shaurya Doval said.
“While factors like global rise in oil prices and the Israel-Hamas war will affect the economy in the short term, it will not derail India from its long-term growth trajectory,” Doval told ThePrint on the latest episode of ‘Off The Cuff’ interaction on Wednesday.
Doval further spoke about the progress of the country’s economy and lauded new policy implementations that can pave the way for India to become a 30-trillion dollar economy
by 2047.
In the recent Monetary Policy meeting, the Reserve Bank of India (RBI) gave a positive growth outlook for India at 6.5 percent for the 2023-24 fiscal.
While the performance in various sectors look positive, analysts have time and again raised questions on the eradication of poverty from India and the low per capita income despite high growth rates.
“Only sustained growth can pull India out of poverty. We have a per capita income of $1,500 now, but by 2047, we aim to make it $15,000, which will be above the OECD (Organisation for Economic Cooperation and Development) level of development,” Doval said.
He added that making India a 30-trillion dollar economy by 2047 will aid largely in pulling people out of poverty.
Doval lauded policy makers and the Modi government for transforming the country into the current 3.5-trillion dollar economy, saying growth had doubled up after 2007.
Elaborating on the higher contribution of the private sector to India’s GDP growth, Doval pointed out that the private sector is still sceptical about investing more in public sectors.
“The underlying corruption in India raises the risk of loss of capital. Once this decreases, we’ll start seeing private sector investment rise as a percentage of the GDP,” he said.
According to Doval, another step towards increasing the GDP growth of the country and making the best use of its labour force was through the Jan Dhan Yojana, which brought 500 million people from the informal sector to the formal sector.
He added that in order to encourage a higher participation from the private sector, the country needs to develop a more conducive environment for the private players to rely on.
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