KV Kamath, President of Shanghai-headquartered New Development Bank (NDB), said the Indian economy can become a $5-trillion economy in five years growing at an annual average rate of 10%.
Adding that the country's economy is resilient enough for withstanding any global headwinds, the NDB chief said it will be boosted by key growth drivers like infrastructure, manufacturing, and technology-driven services transformation.
Lot of developmental work can be done in India: Kamath
"Will India's growth aspirations be throttled because of this global uncertainty? Answer is very simply no," Kamath said in Shanghai on Friday.
"Reason is - there is such a lot of developmental work that can be done in India, and I will cite examples of what and how, that will keep us engaged and keep us driving," the NDB chief added.
India's $5-trillion economy aspiration amid global uncertainties
Kamath, who took over as the first President of NDB in 2015, was speaking on India's $5-trillion economy aspiration at a time of global geopolitical uncertainties, signs of slowdown in major European economies, and a tariff war triggered by the US under the Trump administration.
India can leverage potential of 4-5 key growth drivers: Kamath
Kamath said that India can leverage the potential of four or five key growth drivers in order to reach its $5-trillion economy target. He also cited the example of China's rapid, double-digit growth for over two decades.
The NDB chief said India is yet to make use of water and animal husbandry, adding that infrastructure is also an area that needs huge investments.
Manufacturing is key growth driver for the Indian economy
Kamath also said that manufacturing is another key growth driver for the Indian economy. He said that the sector has also received government incentives.
However, the NDB chief added, "Still there's a lot to be done (in the manufacturing sector)."
He also said that the services transformation sector, driven by technology and digitization, is another economy growth driver for India.
Center determined to make India a $5-trillion economy: PM Modi
PM Narendra Modi, in his Independence Day speech, said the Center was determined to make India a $5-trillion economy in five years through various initiatives.
"In the last 70 years we became a $2-trillion economy, but in the last five years, we added $1 trillion to the economy. This gives me the confidence of becoming a $5-trillion economy in the coming years," he said.