India is now the fifth-largest economy, and its population has surpassed China’s to become the largest in the world, at over 1.4 billion people. And like the rest of the world, the country is grappling with profound uncertainty triggered by a combination of shocks. As we set our sights on India at 100 in 2047, is there a new and unique economic model that India could embrace? “We call it the sustainable and inclusive growth model, where resilience is built into it,” says McKinsey senior partner and India managing partner Rajat Dhawan. This model includes:
- Achieving 8 percent GDP growth each year in the next decade
- Creating 90 million jobs by 2030
- Investing a total average annual $600 billion to transition to a net-zero world by 2050
- Realizing broad-based progress that runs across rural and urban India, across income groups and skills segments
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