New Delhi [India], May 18 : Ajay Piramal, Chairman of the Piramal Group, delivered a compelling vision for India's economic future at the Confederation of Indian Industry (CII) Annual Business Summit 2024, held in New Delhi on Saturday.
Speaking to ANI, Piramal outlined his projections for India's economy and emphasized the significant advancements needed in the electric vehicle (EV) sector to sustain growth.
Piramal expressed optimism about India's economic trajectory, predicting that by 2029, India will become the world's third-largest economy, trailing only the United States and China.
Underscoring the rapid progress expected over the next two decades, he said, "Let's say in 2047, we'll have - we'll be the third-largest economy, maybe a USD 40 billion economy. Even now, in the next - I think by 2029, we'll be the third-largest economy. So only the U.S. and China will be ahead of us. So that's a big progress the country is making."
Highlighting the importance of equitable development, Piramal discussed the 'aspirational districts' initiative launched in 2017 by Prime Minister Narendra Modi. These districts, identified for their lagging development indicators, are critical to achieving sustainable development goals (SDGs).
Piramal said, "And despite that, there are parts of India which if we were to also bring them up, then India's GDP will grow up and the economy will also grow. So that's what I also talked about. So the aspirational districts were identified in 2017 by the Honorable Prime Minister. These were where the sustainable development goes. We are half of the rest of what we need to be."
"I believe that if we work together, in partnership with the government, all civil societies and NGOs, India can achieve all the SDGs by 2030. The task is too huge to be done by any one person alone, hence, collaboration is a must," he added.
Transitioning to the subject of technological disruption, Piramal emphasized the need to accelerate the adoption of electric vehicles (EVs) across India. He pointed out that two-wheelers and three-wheelers, which make up about 75 per cent of the country's vehicle population, are pivotal in this transition.
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