Prime Minister Narendra Modi stated that the goal of having a developed country by 2047, India must grow at an annual rate of 8 to 9% for the next 20 years. “To grow at that pace is not easy. Very few countries in the world have been able to grow at a pace of 8-9% year-on -year,” Deloitte South Asia Ceo Romal Shetty said.
He claimed that India could profit from China plus one strategy since no other nation could provide the scope and size of operations that are possible here. Referring to the space sector, Shetty said India already has 200 startups and can attract investments of $100 billion by 2040. India is currently the fifth largest economy in the world, after the US, China, Japan and Germany. India's economy was predicted to grow by two times to $6.7 trillion by 2031 from its present $3.4 trillion in an S&P Global analysis released last month.
Shetty also said India can look for opportunities in the agriculture, space sectors, and other sunrise areas like semiconductor and EVs. He further said the country is building roads at a frantic pace of 16,000 to 18,000 km a year, which in turn boosts development and trade.