Deloitte’s Romal Shetty: India needs to grow at 8-9 percent to become a developed nation by 2047

India needs to grow at a rate of 8-9 nine percent till 2047 to reach the status of a developed country, said Romil Shetty, chief executive officer of Deloitte.

Shetty was quoted in news reports where he explained that India could take advantage of the ‘China plus one’ strategy. This is because there is no other country except India which could provide the scale and size of operations that is available in the country.

China plus one strategy was adopted by multinational corporations to expand their production and supply chain activities. This is by the addition of alternative manufacturing or sourcing locations.

Speaking of challenges, Shetty highlighted that import of crude oil and artificial intelligence (AI) were among them. He also said there are a total of 200 startups in India and they could potentially attract investments worth $100 billion by 2040.

After the United States, China, Japan and Germany, India ranks as the fifth largest economy in the world.

In a recent interview to Moneycontrol, Prime Minister Narendra Modi stated, “India became the fifth-largest economy and it is indeed something that is important. But the way our country did it, I think, is as important. It is a feat achieved because there is a government that is trusted by the people and in turn, the government too trusts the capabilities of the people.”

“It must specifically be noted that women are emerging as the driving force of our growth journey. Many development initiatives are seeing them come to the forefront, be it financial inclusion, entrepreneurship or cleanliness. From space to sports, start-ups to self-help groups, every sector that is on an upswing is seeing women taking the lead,” PM Modi added.