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28 December 2022, 18:00 - 19:15 Indian Standard Time | By invitation only

India is striding towards the vision of building a resilient economy with inclusive, equitable and sustainable growth. The country has toppled massive challenges to become the fifth largest economy in the world today. According to NITI Aayog, India has achieved nation-wide improvements in ‘clean water and sanitation’ and ‘affordable and clean energy’ .However, major challenges remain in SDGs such as ‘No hunger  (SDG 2),’ ‘Good health (SDG 3), ‘Gender equality (SDG 5)’, ‘Decent work (SDG 8)’, ‘Industry, innovation and infrastructure (SDG 9)’, ‘Life below water (SDG 14)’, ‘Life above land (SDG 15)’, ‘Peace, justice and strong institutions (SDG 16)’ etc. The country has also been regressing in SDGs such as ‘Sustainable Cities and Communities’. In two years, India’s SDG ranking has dropped by 4 points (from 117 to 121). India is now behind all South Asian nations except Pakistan and Afghanistan, in the achievement of SDGs.

India is currently the world's fifth largest economy with a gross domestic product of $ 3.5 trillion.  It was in 2019, Prime Minister Narendra Modi envisioned the target of transforming India to a $5 trillion economy . Much before the completion of the original target, on the 25th Energy Technology Meet organized by the Centre for High Technology (CHT), Petroleum and Natural Gas Minister Hardeep Singh Puri stated that the Indian economy is on the path to becoming $10 trillion economy by 2030 . While the jump from 5 trillion to 10 trillion was more of a political mandate, according to the chief economic advisor the target of $10 trillion is truly achievable for India. 

In the wake of global crises, India has fared extremely well on three fronts - energy, food, and fuel.  Assuring energy availability and affordability, the country's per capita energy consumption is one-third of the global average now and will surpass it in the years to come. India is wedded to the concept of net zero carbon emissions and is committed to making a transition from the world of hydrocarbons to a green and sustainable energy ecosystem. In 2022, India achieved 10% biofuel blending and is on course to reach the 20% mark in a year or two. Indian Government has also resolved to raise the share of Natural Gas in the country's energy mix from 6% to 15% by 2030. Additionally, over 18000 Compressed Natural Gas (CNG) stations would be set up in the country by 2030. Adani’s ports-to-energy conglomerate is investing USD 70 billion over the next decade in a new energy value chain. All these factors suggests that India has the potential of becoming a net exporter of green energy by 2050. 

IMF Chief Economist mentioned that India has emerged as “a bright light” at a time when the world is facing imminent prospects of a recession, but it needs key structural reforms to achieve the ambitious target of $10 trillion economy . Reforms must focus on increased social spending, investment in human capital, improving digital literacy and infrastructure. India is already at the forefront of digitalization and it can be utilized to improve financial inclusion and facilitate access to administrative services.

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Subregional Office for South and South-West Asia +91 11 3097 3700 [email protected]
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