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India Needs To Grow At 8-9% To Become Developed Nation By 2047: Deloitte Deloitte CEO also said India can look for opportunities in the agriculture, space sectors, and other sunrise areas such as semi-conductor and electric vehicles

By Teena Jose

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Deloitte South Asia CEO Romal Shetty said that India needs to grow at 8-9% for the next 20 years to become a developed nation by 2047 as envisioned by Prime Minister Narendra Modi.

According to a PTI report, he said India can benefit from the 'China plus one' strategy as no other country can offer the scale and size of operations as is available here.

"We need to grow at 8-9% till at least 2047 to become a developed economy.... moving away from middle income level... To grow at that pace is not easy. Very few countries in the world have been able to grow at a pace of 8-9% year-on -year," Shetty told PTI.

Signifying the long term goal of India, Modi had reportedly said, "India will be in the top 3 economies in the near future. By 2047, I am sure that our country will be among the developed countries. Our economy will be even more inclusive and innovative."

Shetty also said India can look for opportunities in the agriculture, space sectors, and other sunrise areas such as semi-conductor and electric vehicles.

"India already has 200 startups in the space sector and can attract investments of $100 billion by 2040," he said.

India is currently the fifth largest economy in the world, after the U.S., China, Japan and Germany. An S&P Global report had last month projected India's economy to double to $6.7 trillion by 2031, from $3.4 trillion currently.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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