Reforms at States key for India to become a $55 trillion economy by 2047: former CEA Subramanian 

International Monetary Fund (IMF) Executive Director and former Chief Economic Advisor to the Centre Krishnamurthy Subramanian on Saturday said India can emerge as a $55 trillion economy by 2047 with a 8% annual real growth rate.

Apart from certain key drivers, especially reforms undertaken at the level of States, a ‘We Can’ approach is important to achieve the growth that may be ambitious but achievable, he said delivering a talk at the three-day International Startup Festival (ISF) 2024 that concluded here.

Noting that the rate of growth required to become a $55 trillion economy would still be modest compared to what Japan and China had achieved, Mr. Subramanian said India would have to do a ‘lot of hardwork in terms of reforms’ be it in terms of enabling manufacturing or promoting growth of startups.

Key drivers that can propel the country will be formalisation of the economy, which in turn will lead to more productivity and credit creation. “Even among the formal sectors, Indian formal sectors are far behind their global peers. Growth is about productivity and investment,” he said.

ISF 2024 organisers International Startup Foundation, in a release said, the event witnessed participation of agri-tech, health, edu-tech and junicorns apart from software and technology startups. The main takeaway was to foster a problem solving approach in the society and create a proper ecosystem for innovators through right mentorship, funding and providing market access to succeed in their ventures.

“We had three insightful days of deliberations... insights will help students, early startup founders and others to overcome the challenges and foster the growth of startups. Startups need to focus on a problem solving approach and continuously keep innovating... should focus on value creation rather than focusing on valuation,” said J.A. Choudhary, Chairperson and Convenor of ISF.

Published - September 28, 2024 10:42 pm IST