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Union IT and Railway Minister Ashwini Vaishnaw has advised entrepreneurs to mould their business and strategic plans according to the tremendous growth India is going to witness in the next 10 years.

Addressing the ‘EY Entrepreneur of the Year Award 2023’ in Mumbai, the minister told the gathering that "if you fail to take note of this, you will be missing out from this growth".

“You can see 6-8 per cent real growth and 10-14 per cent nominal growth in at least the next 10 years. So, make your business plans, strategic plans and mould your Capex plans according to this parameter,” said Vaishnaw, who was the chief guest at the event.

According to global brokerage Jefferies, India will become the third largest economy by 2027, on the back of consistent GDP growth rate.

Over the last 10 years, India’s GDP has grown by 7 per cent CAGR in USD terms to $3.6 trillion – moving from the 8th largest to the 5th largest economy.

Over the next four years, India’s GDP will likely touch $5 trillion, making it the third largest economy by 2027, according to the report.

Meanwhile, Vellayan Subbiah will represent India at the ‘EY World Entrepreneur of the Year Award’ in Monte Carlo, Monaco, from June 4-7.

Natarajan Chandrasekaran, Chairman of Tata Sons, was conferred the Special Jury Award for his outstanding leadership of the Tata Group at the event.