Union Education Minister Dharmendra Pradhan has stated that India will become a US$ 30 trillion economy by 2047.

Speaking at the closing ceremony of XLRI-School of Management's platinum jubilee celebrations on Saturday, Pradhan highlighted that India, currently the world's fastest-growing economy, is ranked fifth and will move up to third place within the next three years.

"The world didn't even count India on the economic front when XLRI came into being 75 years ago. Today, we are the fastest-growing economy and fifth-largest economy in the world, with a size of US$ 3 trillion. We will be the third-largest economy in the next three years at US$ 5 trillion. Our economy will grow to US$ 30 trillion by 2047," he said.

"We need to focus on becoming wealth creators and job creators. India has the potential to generate millions of jobs. The world is turning to India for digital public infrastructure... 46 percent of global digital transactions occur in our country. We have also achieved self-reliance in the service sector," he said.

The Union Education Minister further emphasized that the New Education Policy was designed with the goal of generating wealth and creating jobs.

Pradhan encouraged the students to contribute actively in shaping the country into a mega powerhouse and a global driving force.

India's economic growth drivers:

1. Technology Sector: India is a global leader in IT services, software development, and digital innovation, contributing significantly to economic growth.
2. Manufacturing Expansion: Initiatives like "Make in India" aim to boost local manufacturing, create jobs, and attract foreign investment.
3. Service Sector Growth: Key sectors like finance, healthcare, education, and tourism are major contributors to the economy, providing employment and driving innovation.
4. Infrastructure Development: The National Infrastructure Pipeline (NIP) focuses on modernizing infrastructure, which supports economic activity and investment.
5. Startup Ecosystem: India's growing startup scene fosters innovation, creates jobs, and attracts global venture capital.
6. Digital Transformation: India's advancements in digital infrastructure, such as UPI and Aadhaar, have enhanced financial inclusion and streamlined public services.
7. Agriculture and Rural Development: Agriculture remains vital, with reforms aimed at boosting productivity, rural incomes, and ensuring food security.
8. Sustainability and Green Economy: India is focusing on renewable energy, electric vehicles, and sustainable industries to ensure long-term growth and environmental responsibility.

Can India actually be a 30 trillion economy by 2047?

For India to become a $30-trillion economy by 2047, as envisaged by the government, we must relentlessly pursue rapid economic growth built on liberal economic policies that harness the private sector. The country's fast-growing digital infrastructure, booming service and technology sectors, and expanding manufacturing base under initiatives like "Make in India" provide a strong foundation. Additionally, India's focus on urbanization, infrastructure development, and a growing startup ecosystem could further fuel growth. However, challenges such as income inequality, policy consistency, and global economic uncertainties need addressing. If India continues its growth trajectory while fostering innovation, productivity, and investments, achieving the $30 trillion target by 2047 is feasible.