BackIndia would be $25 trn economy in 25 years: NaBFID Chairman
NaBFID chairman KV Kamath said India is expected to be a $25-trillion economy in 25 years
PremiumNational Bank for Financing Infrastructure and Development chairman KV Kamath said on Tuesday that India is expected to be a $25-trillion economy in 25 years. NaBFID was set up by the government last year to support the development of long-term infrastructure financing in the country.
KV Kamath has also said that all the necessary policies and framework related to NaBFID have been done. “We are on schedule (that) the government has in mind," KC Kamath said. The NaBFID chairman added that at least 12 board meetings of the bank have already taken place.
"The India that I look forward to, 25 years from now, (will be) a $25-trillion (economy)," KV Kamath said while addressing a the Morningstar Investment Conference on Tuesday.
The Indian economy is growing at a compound annual growth rate of 8-10 per cent, KV Kamath said.
"The policies, processes and the framework are done. The CEO is in place...We have to start lending now," Kamath was quoted as saying.
The Indian economy is expected to grow by 7.5 per cent this year and it will be the highest among the world's largest economies, Prime Minister Narendra Modi said at the annual summit of the Shanghai Cooperation Organisation (SCO).
PM Modi also said that the summit in this historical Uzbek city, the prime minister also said India is making progress to become a manufacturing hub while highlighting various aspects of the country's economy.
"We are making progress on making India a manufacturing hub. India's young and talented workforce makes us naturally competitive," he said, "India's economy is expected to grow by 7.5 per cent this year, which will be the highest among the world's largest economies."
PM Narendra Modi made the remarks in presence of Russian President Vladimir Putin, Chinese President Xi Jinping, Pakistan Prime Minister Shehbaz Sharif and other leaders.
"We are supporting innovation in every sector. Today, there are more than 70,000 start-ups in India, of which more than 100 are unicorns. Our experience can also be useful for many other SCO members," he said.
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