India is already home to 200 startups operating in this field: Romel Shetty

NEW-DELHI: India needs to maintain an annual growth rate of 8-9 percent for the next two decades to realize its vision of becoming a developed nation by 2047, according to Romel Shetty, CEO of Deloitte South Asia. This assertion aligns with Prime Minister Narendra Modi's call to work diligently toward achieving developed country status within the next 26 years.

Shetty emphasized that India possesses a unique advantage in the global economic landscape and could leverage a "China plus one" strategy to further its growth ambitions. He pointed out that no other nation offers the same operational scale and vast market potential as India.

Speaking about the burgeoning space sector in the country, Shetty highlighted that India is already home to 200 startups operating in this field. He projected that investments worth a staggering $100 billion could flow into India's space sector by the year 2040, underscoring the potential for growth and innovation in this critical domain.

To attain the goal of becoming a developed economy by 2047, Shetty emphasized the imperative of sustained high growth rates. He stated, "We need to grow at least at 8-9 percent till 2047 to become a developed economy." Shetty acknowledged that sustaining such growth levels is no small feat, and only a handful of countries in the world have managed to consistently achieve an annual growth rate of 8-9 percent.

Prime Minister Modi, in a recent interview, expressed confidence in India's future economic trajectory, asserting that the country is on track to be among the top three global economies. He stated, "I am sure that by 2047, our country will be among the developed countries. Our economy will be more inclusive." India currently holds the position of the world's fifth-largest economy, following the United States, China, Japan, and Germany.