India
India’s Chief Economic Adviser Highlights Five Long‑Term Challenges to 2047 Goal
By Harsh Kumar
New Delhi – Chief Economic Adviser V. Anantha Nageswaran said on Thursday that India’s ambition to become a developed economy by 2047 will be tested by five long‑term shifts: geopolitical realignment, strategic supply‑chain chokepoints, China’s manufacturing scale, climate variability, and the interplay between demography and artificial intelligence. Speaking at the India Investment Seminar 2026 in Mumbai, Nageswaran warned that these factors make India’s climb harder than for earlier latecomers, but urged the country to move faster rather than slow down. He identified energy, chips, rare earths, fertilisers and sea‑lanes as potential strategic chokepoints, arguing that India needs buffers and redundancy as insurance rather than waste. Nageswaran noted that China accounts for nearly a third of global manufacturing and can export surplus capacity cheaply; India should compete on capability and depth rather than cost alone. Climate change was described not only as warming but as increased variability in monsoons and heat, affecting insurance and requiring domestic adaptation while contesting measures such as carbon border taxes abroad. The fifth shift concerns demography and AI; with the workforce expected to peak as machines arrive, India must convert its demographic advantage into skills, making skilling part of industrial policy. The remarks were made at a two‑day seminar organised by SBI Funds Management Ltd and Amundi, which brought together more than 100 international institutional investors and Amundi clients to discuss India’s growth and investment opportunities. The opening day focused on India’s 2047 goal, with Nageswaran highlighting structural reforms, productivity and capability building as essential to sustaining long‑term growth. State Bank of India chairman C.S. Setty said the financial system must support growth and financial inclusion through digital public infrastructure and expanded access to credit, insurance and investment products, citing SBI’s subsidiaries. Former G20 Sherpa Amitabh Kant discussed India’s manufacturing opportunity amid changing global supply chains, while Rahul Bharti of Maruti Suzuki spoke about the company’s four‑decade journey and long‑term international partnerships. Dipesh Shah, executive director at the International Financial Services Centres Authority, said India is emerging as a global investment platform, with GIFT IFSC creating an internationally competitive ecosystem for global investors and institutions to access India and manage India‑focused assets. SBI Funds Management managing director and chief executive officer Debasish Mishra said opportunities are expanding across manufacturing, infrastructure, technology and financial markets, while Amundi deputy CEO Olivier Mariée said India’s economic transformation presents significant opportunities for long‑term global investors.