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Former NITI Aayog CEO Amitabh Kant has said that India needs to grow at 9-10 per cent to become $35 trillion economy by 2047. He said ‘India will be the third largest economy by 2027 and now that Japan, the United Kingdom and Germany are all in the recession phase, we should be able to do it much quicker and much faster’. 

Kant said currently, India is the fifth largest economy and the size of the Indian economy would be about $3.6 trillion by March 31, 2024 in nominal terms. He noted that India has come a long way from the time when it had faced balance sheet problems.

He further said by 2047, India should be an exporter of energy or clean energy to the rest of the world. He said ‘our aim will be to become the cheapest producer, the cheapest exporter of green hydrogen and its liquid form ammonia and to be the biggest manufacturer of electrolyzer. In the years to come, he said the country will grow on the back of sustainable urbanisation, enhanced agricultural productivity and increased exports.