India Needs 8% Growth to Become Third Biggest Economy by 2030

Veteran industry leader A M Naik emphasized that India must grow at 8% annually to become the third-largest economy by 2030. The country had an average yearly growth of 8% over the last three years. L&T Chairman S N Subrahmanyan assured policy continuity as essential ministers remain in power.

Veteran industry leader A M Naik stated on Wednesday that for India to become the third biggest economy by 2030, the country must achieve an annual growth rate of 8%.

''If you want to be the third largest by 2030, then you need an 8 per cent growth,'' the L&T Chairman Emeritus mentioned while speaking to reporters. Currently, India is the fifth largest global economy, valued at over USD 3 trillion, and is expected to surpass Japan and Germany.

The country has seen a growth rate of 8.2% in FY24, maintaining an average above 8% over the past three years. However, GDP growth is expected to slow to around 7% in FY25, and even further beyond that on a larger economic base.

Naik reiterated the necessity of maintaining an 8% growth rate to secure India's position as the third largest economy. Despite being asked, Naik did not comment on potential policy changes needed to achieve these targets. L&T Chairman S N Subrahmanyan expressed optimism, stating that the re-elected government and consistent ministers would ensure policy continuity, infrastructure investment, and growth avenues.