Amitabh Kant's views on India's global economic rise

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Posted by NewAdmin on 2025-02-05 09:04:57 |

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India's multi-faceted approach to growth, driven by reforms, digital innovation, green initiatives and robust infrastructure, has not only reshaped its economy but also positioned it as a key player in the global economic landscape, Amitabh Kant, the G20 Sherpa and former NITI Aayog CEO, said on Saturday. As the world shifts its focus toward the Global South, India's continued progress will play a pivotal role in shaping the future of the global economy.

Currently the fifth-largest economy in the world, India's growth story is one of resilience, innovation, and strategic reforms, positioning the country to surpass Germany and Japan by 2027.According to the International Monetary Fund (IMF), 75-80 per cent of the world's growth this year will come from the Global South, with India and Indonesia at the forefront of this surge.

"If the world has to grow rapidly, as per the IMF, 75-80 per cent of growth this year will be coming from the Global South," Kant said at an event organized by the Association of Mutual Funds in India (AMFI).Both the IMF and World Bank predict that, over the next three decades, three-fourths of global growth will originate from the Global South, driven largely by a young and dynamic demographic that is set to play a critical role in economic expansion.

Kant highlighted that India's transformation in just a decade from being labelled one of the "Fragile Five" by the IMF to becoming a global economic powerhouse has been remarkable. He further highlighted India's commitment to financial inclusion as a key enabler of its economic progress. In 2016, only 18 per cent of Indian women had access to bank accounts. Today, that figure has surged to an impressive 91 per cent, underscoring the country's strides in ensuring financial accessibility.

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