India can by 2047 transform itself into a $30-trillion economy — 10 times the current size of about $3 trillion — if it can raise its growth trend from the current level of 6.5 per cent to 8 per cent levels on a sustained basis, N Chandrasekaran, Chairman, Tata Sons, said on Friday.

Addressing FICCI’s 95 Annual Convention and AGM, Chandrasekaran also said there is a need to deliberate as to how the country can spread the gains of the future to everyone, including informal workers, agricultural labourers, and women.

“It is not only about the quantum of growth and size of economy…We need to deliberate that the fruits of our long-term growth potential reaches every citizen,” he said.

Chandrasekaran also said that Indian economy recovery is broadly on track. India will remain the world’s largest economy for third year in succession in 2023 and hopefully for several years to come, he said.

“India’s progress over last decade is quite remarkable. It is the fastest growing large economy, a clear bright spot in global economy which is facing strong recessionary impulses, multi- decadal high inflation, record level of public debt and squeezing of household income,” he added.

Stating that India presents a major growth opportunity for next few decades, Chandrasekaran highlighted that the pace of structural reforms — since pandemic— has picked up further. “Measures like labour reforms, PM Gati Shakti, production linked incentive (PLI) to support domestic manufacturing, national monetisation plan, power sector reforms, higher investment limits for small biz and aggressive disinvestments have been rolled out. Scope and scale of economic reforms has been fast paced and this will drive productivity improvements and continued growth in capital accumulation. Reform is going to be key pillar that will drive the fundamentals of India’s outperformance in coming decades,” he added.

Chandrasekaran also stressed the need to reduce air pollution, ensure enhanced women participation in labour force, ensure increased access to safe drinking water. “To bring more women into the workforce, we can create a digitally integrated national child-care network,” he said.

He also called for measures to enhance tourism, stating that focus on this area will have good multiplier effect. There is also need to harness digital transformation as part of efforts to ensure universal and affordable healthcare.

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