To achieve developed economy status by 2047, India must increase the share of manufacturing to one-third of its GDP, AIMA President Shrinivas Dempo said on Tuesday.
Speaking at the National Management Convention session of All India Management Association (AIMA), Dempo said that India’s per capita Gross Domestic Product (GDP) needs to multiply about 9 times over the next 25 years.
According to the Reserve Bank of India (RBI), India should maintain an average annual growth rate of 7.6 percent until 2047 in order to attain developed nation status.
“To get there, the Indian economy needs a rebalancing by raising the share of manufacturing in its output to about one-third. All this requires an exponentially rising investment in infrastructure, technology, education, skills, health and a major realignment of management and governance,” he said.
At present, India is the fifth-largest economy, with a GDP of over USD 3.7 trillion. The share of manufacturing in total gross value added is around 16 per cent of GDP.
The recently concluded G20 Summit has made a big impression on the world, he said, adding that the leaders of the member countries have realised India’s progress and future potential. KNN India