India needs 8-9% growth to become developed by 2047: Deloitte
The CEO of Deloitte South Asia, Romal Shetty, has said that India must achieve a sustained growth rate of 8-9% for the next 20 years. This is necessary to become a developed nation by 2047, as envisioned by Prime Minister Narendra Modi. This growth rate is crucial for India to transition from a middle-income country to a developed economy. Shetty also noted that very few countries have managed to maintain such a growth rate.
PM Modi's vision: India in top 3 economies by 2047
Prime Minister Modi had earlier this week expressed his ambition for India to become one of the top three economies in the world in the near future. He believes that by 2047, India will be among the developed countries, with an even more inclusive and innovative economy.
Opportunities in agriculture, space, semiconductors, and EVs
Romal Shetty has identified several sectors where India can seek opportunities to achieve sustained growth. These sectors include agriculture, space, semiconductors, and electric vehicles (EVs). Shetty also mentioned that India already has 200 startups in the space sector and can attract investments of $100 billion by 2040. Additionally, he highlighted that India is building roads at a rapid pace of 16,000-18,000 kilometers per year, which boosts development and trade.
Challenges: Crude oil imports and AI biases
Shetty has highlighted two major challenges facing India's economy. Firstly, India faces a major challenge in importing crude oil, which is a critical resource for the country's energy needs and economy. Secondly, while technology has led to significant advancements in India, it can also have divisive effects. He pointed out that biases exist in artificial intelligence (AI), raising concerns about fairness and equity in the deployment of AI technologies.
