How India can become $35 trillion economy

India needs to grow at an annual rate of 9-10 per cent for around three decades and constant innovations to become a $35 trillion economy by 2047, India's G-20 Sherpa and former NITI Aayog CEO Amitabh Kant said on Sunday.

"We are the fifth largest economy in the world and by 2027 we will surpass Japan and Germany to become the third largest economy in the world.

"And our aim is that by the time we turn 100 in 2047, India should be a $35 trillion economy," Kant said while addressing a session at Mumbai Tech Week (MTW) hosted by Tech Entrepreneurs Association Mumbai (TEAM).

Which means, India will become the second largest economy in the world, Kant stated.

"And to be a $35 trillion economy means that we need to grow year after year for close to three decades by 9-10 per cent annually and this means that we need to do a lot of disruptions and constant innovation," he noted.

Kant said that India created the digital identity of 1.4 billion people and technologically the country has leapfrogged.

With the liberation of policy by the government which supports start-ups, space and in many other areas, young entrepreneurs should focus on areas like artificial intelligence, logistics, health and education.

"What India is doing is innovating at population scale and we are at the beginning of a huge disruption because we are the youngest country in the world and our average age is 29.

"Even when we are 100 our average age will be 33 and we will provide 31 per cent of the skilled manpower to the rest of the world," he added.