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BUSINESS EYE MARCH 22, 2024 | The Indian Eye 36

US$ 10 trillion by 2030: How Indian

entrepreneurs are leading GDP growth

India’s economic transformation is not merely confined to the realms of technology;

it extends to its traditional strengths, including its agrarian economy: Experts

OUR BUREAU
New Delhi/Mumbai
ndia’s economy is expected to touch USD 10
trillion by the end of this decade - 2030 - and
Itowards USD 15 trillion in ten years from now
by 2034, Union Commerce Minister Piyush Goyal
said recently and laid thrust on improving the qual-
ity of life of citizens.
At present, the size of India’s GDP is estimat-
ed to be about USD 3.7 trillion. In the next three
years, India is expected to become the third-larg-
est economy in the world, with a GDP of USD 5
trillion. Piyush Goyal outlined how India grew at
a massive pace despite challenges emanating from
conflicts in Ukraine and Gaza.
India’s GDP grew at 8.4 per cent during the
October-December quarter of the current finan-
cial year 2023-24 and the country continued to re-
main the fastest-growing major economy.
In the landscape of India’s economic resur-
gence, a narrative of hope and ambition is taking
shape among India’s entrepreneurs, driven by a
fervent pursuit of double-digit GDP growth and
the goal of attaining a USD 5 trillion economy.
At the center of this transformation lies a con-
fluence of factors, from technological advance-
ments to entrepreneurial zeal, all underpinning
the nation’s trajectory towards prosperity and Piyush Goyal addresses the media on the signing of the India-EFTA Trade and Economic Partnership Agreement (ANI)
global leadership.
Avinash Deshmukh, the Chief Operating Offi- emerging as a global hub for cutting-edge tech- “As we grapple with the imperative of ensuring
cer of iThrive, embodies the spirit of this optimism. nologies like Artificial Intelligence and Machine food security for our burgeoning population, the
The journey towards economic revitalization is not Learning. These advancements unfold unprece- convergence of IT and AI offers a beacon of hope,
just a matter of statistics but a testament to India’s dented opportunities, empowering startups like promising to revolutionize agricultural practices
potential to emerge as a powerhouse of innovation mine to thrive and innovate,” Deshmukh said. and foster sustainable growth,” he explains.
and growth. However, India’s economic transformation is Beyond economic growth, Deshmukh’s vision
“In the midst of India’s economic renaissance, not merely confined to the realms of technology; encompasses a commitment to inclusivity and sus-
I am invigorated by the promising trajectory to- it extends to its traditional strengths, including its tainability. He envisions a future where India’s
wards double-digit GDP growth and our ambitious agrarian economy. growth model serves as a blueprint for global em-
pursuit of a USD 5 trillion economy,” Deshmukh Deshmukh acknowledges the deep roots of ulation, inspiring nations worldwide to prioritize
remarks, reflecting on the collective sentiment India’s agricultural heritage but sees in it the po- sustainability and equity.
pervading the nation’s entrepreneurial landscape. tential for a modern-day renaissance. Deshmukh said, “With unwavering faith in the
This sentiment is not unfounded; it stems from “While our roots remain firmly planted in an ingenuity and resolve of the Indian populace, I en-
tangible progress and a conducive environment for agrarian economy, the infusion of private invest- vision charting a path towards a sustainable, inclu-
startups and businesses to flourish. ment and technological breakthroughs bode well sive, and globally admired growth model, inspiring
Central to India’s economic resurgence is its em- for our transformation into an agrarian superpow- nations worldwide to follow suit.”
brace of cutting-edge technologies, particularly Arti- er,” he affirms. In a world grappling with myriad challenges,
ficial Intelligence (AI) and Machine Learning (ML). Indeed, the fusion of technology with agricul- India stands poised to lead by example, offering a
Deshmukh notes with pride the nation’s emer- ture holds immense promise, particularly in ad- beacon of hope and inspiration for nations striving
gence as a global hub for these transformative dressing critical challenges such as food security. towards a brighter future.
technologies, offering unparalleled opportunities Deshmukh underscores the role of IT and India’s economic renaissance is a multifaceted
for innovation and growth. AI in revolutionizing agricultural practices, there- journey, characterized by technological innovation,
“Within our entrepreneurial ecosystem, opti- by fostering sustainable growth and ensuring the entrepreneurial dynamism, and a commitment to
mism resonates deeply as we witness the nation well-being of the populace. inclusive growth.

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