India's Path to a 30 Trillion Dollar Economy by 2047

India could reach a USD 30 trillion economy by 2047 with 12% annual growth, according to Chief Economic Advisor V Anantha Nageswaran. Speaking at IIT Madras, he emphasized technological innovation and frontier research, while highlighting frugal innovation as India's strength in a challenging geopolitical climate.

Chief Economic Advisor V Anantha Nageswaran stated on Thursday that India has the potential to become a USD 30 trillion economy by 2047. Speaking at the 67th Institute Day celebrations of the Indian Institute of Technology, Madras, he emphasized that meeting this goal requires mastering technological prowess and frontier research.

Nageswaran noted that India's current GDP stands at approximately USD 3.91 trillion and could reach USD 7.8 trillion within the next six years. Achieving the ambitious 2047 target necessitates a 12% annual growth in dollar terms, he said, highlighting the importance of frugal innovation and emphasizing India's need to adapt external technologies to local conditions.

The event also served as a platform to honor notable alumni and achievers, such as Srinivas Narayanan of OpenAI and Aravind Srinivas of Perplexity.ai. IIT Madras Director Prof V Kamakoti highlighted the institute's international expansion plans, including a campus in Tanzania, aiming to establish IITM as the world's first multinational university.