“By 2027, we
will overtake Germany & Japan. Analysts are right in saying that 30% of the
global GDP growth will come from India between 2035-2040.”
Kant was addressing a session on ‘Future of Globalisation: Challenges
for Indian Industry’ at the Confederation of Indian Industry (CII) Business
Summit 2024 on Saturday.
Kant
stressed that the Indian companies must start thinking globally to penetrate
global markets for accelerated growth and also focus on quality.
“The government needs to work with the states as we
need to look at building 12 -13 champion states growing at 10-11% per annum.
Kant also emphasized the urgent need to accelerate the
adoption of electric vehicles (EVs) in India, highlighting the government’s
initiatives and the significant role of the private sector in the
transformation.
“There is a huge disruption taking place and it’s
important that we accelerate the pace of electric vehicles both in two-wheelers
and three-wheelers which account for about 75 per cent of our vehicles and the
government has already allocated Rs 57,613 crores for procuring 10,000 electric
buses.”
“Many
companies doing battery manufacturing which will be the next big driver of
growth”, Kant predicted, envisioning India as a global hub for battery
production.
Setting an ambitious goal, Kant stated, “So our
objective should be to make India fully electric as far as two-wheelers,
three-wheelers and buses are concerned by 2030. ensure that India becomes an
electric vehicle nation.”
Meanwhile, addressing a session on ‘Future of
Competitive India: Should India have an Integrated Trade & Invest Policy?’,
Rajesh Kumar Singh,
Secretary, Department for Promotion of Industry and Internal Trade,
highlighted that in 2012, we were at 11 in the GDP rankings.
“Today we are at 5, jumping 6 places, it is inevitable
that we will go to 3 in the next 2-3 years. We are in a position to regain our
historical share in global trade & investment on the back of sustained
growth rates,” he said.