India must aims to lead in sunrise sectors to reach $32 trn economy by 2047: Kant

Amitabh Kant, India's G20 Sherpa, stressed the country's goal to lead in emerging sectors to become a developed nation and reach a USD 32 trillion economy by 2047. Speaking at the 'Bharat Climate Forum 2025', he highlighted the need to revitalize manufacturing and shift towards electric vehicles (EVs), noting that Indian industries lag in solar panel production. Kant emphasized the importance of adopting advanced technologies and increasing private credit to GDP, showcasing India's potential for growth in clean technology solutions.

Amitabh Kant, India's G20 Sherpa, emphasized the country's ambition to emerge as a global leader in emerging sectors to reach its goal of becoming a developed nation and achieving a USD 32 trillion economy by 2047. Speaking at the 'Bharat Climate Forum 2025', Kant highlighted the significant role India must play in revitalizing manufacturing capabilities, which he believes have diminished in the US, Europe, and India, posing challenges for the global economy.

"My belief is that without India becoming a global champion in sunrise sectors, we would not be able to achieve the target of becoming a developed nation by 2047, we will never be able to become a USD 32 trillion economy," he stated.

Kant pointed out that Indian industries are currently lagging 5-7 years behind in solar panel manufacturing. He stressed the importance of pivoting towards electric vehicles (EVs), cautioning that continued focus on fossil fuel vehicles could result in losing out on the burgeoning global EV market.

Highlighting the need for a transformative shift towards advanced technologies, he warned that without this change, India would continue to rely heavily on imports for clean technology.

Kant noted India's unique climatic advantages and urged for increased private credit to GDP, which is currently lower compared to the US, Europe, and China. He also shared insights on how India can deliver cost-effective clean technology solutions, reinforcing the nation's potential for growth and innovation in these critical sectors.