India working towards $42 trillion economy, says Karnataka Minister Khuba

India is heading towards becoming a $42 trillion economy by 2047 when the country celebrates her centenary of independence, Union Minister of State for Chemicals and Fertilizers, New and Renewable Energy Bhagwanth Khuba said on Sunday.

Khuba, the Bidar MP, was speaking at the Nava Karnataka Summit curated by DH Brandspot and PV Brandspot.

“By 2047, we want to be a $42 trillion dollar economy. We’re working in that direction,” Khuba said. “If people of Karnataka and India make full use of their potential, then India can be number one or two economy. I’m fully confident about this going by the path we’ve taken,” he added.

Pointing out that India’s economy remained stable in the post-Covid period, Khuba said: “The GDP of USA is at 4 per cent and that of China is under 4 per cent. India’s GDP is stable at 7 per cent.”

The minister also said India had jumped from 10th place to the fifth as an economy. “The jump happened in just nine years with the cooperation of people and PM Modi’s decisive leadership,” Khuba said.

Khuba lamented that India couldn’t prosper for over 60 years despite potential. “In the last nine years, PM Modi managed to inspire confidence. Before that, under the government that was there for 10 years, people were disappointed and sad,” he said.

The Modi administration has doubled down on infrastructure, Khuba said. “Before 2014, bad roads were the biggest impediments to development. Logistics cost was very high, which stunted the growth of the manufacturing sector. Today, the logistics cost has reduced significantly. Slowly, the manufacturing sector is growing,” he said.

“Before 2014, there were only 72 airports. The number has doubled in just nine years. We’ll have over 50 airports in the coming years,” Khuba said.

Khuba hailed Chief Minister Basavaraj Bommai for taking “good steps” after taking charge. “Karnataka has worked shoulder-to-shoulder with the union government,” he said, pointing out that the state garnered investment proposals worth ₹10 lakh crore in the recent Invest Karnataka summit. “It shows the trust, confidence in the Karnataka government and ease of doing business,” he said.