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India Targets $20 Trillion Economy by 2047 Amid "China 2005 Moment"
8 Nov
Summary
- India's economy entering "China 2005 moment" with strong banks, reforms, and investment capacity
- India can achieve 7-8% sustainable growth, 10% growth rate is aspirational
- Multilateral institutions to continue supporting India's development
As of November 8th, 2025, India's economy is entering a pivotal phase, according to K.V. Kamath, Chairman of Jio Financial Services. Kamath sees India's current economic landscape as akin to China's "China 2005 moment," a period when strong banks, reforms, and investment capacity propelled the country into its next decade of growth.
Kamath expressed optimism about India's growth trajectory, banking reforms, and the country's ability to sustain high economic momentum. He stated that India's governance structure allows for steady expansion, with a 7-8% growth rate being sustainable and a 10% growth rate being aspirational but possible. Kamath believes this pace is necessary for a stable transition to "Viksit Bharat 2047," a vision of India as a $20 trillion economy by 2047.
Drawing a parallel between India's current phase and China's banking-led expansion in the early 2000s, Kamath said India is now entering a similar stage of capacity building. He noted that multilateral institutions will continue to play a crucial role in supporting emerging economies, even as India progresses to the next stage of development. Kamath also expressed confidence in India's financial system, stating that bank balance sheets are clean, banks are strong, well-capitalized, and technologically capable, and can compete with new players like fintechs.
