Reliance Industries chairman Mukesh Ambani said that a growth rate of 15 per cent over the next 20 years was not an ambitious target for the country.
Ambani was delivering his vision statement for 'India as an economic superpower in 20 years' at the platinum jubilee annual general meeting of the Federation of Indian Chambers of Commerce and Industry.
"If India has to attain global economic leadership, it will have to accelerate its growth rate significantly to double digits from 5-6 per cent now to about 15 per cent in 20 years. This will help us achieve a sustainable income of $9 trillion in 20 years," he said.
He outlined a six-point agenda for India to become an economic superpower. "We need to work out a feasible strategy for high rate of growth, harness global opportunity in important economic resources, invest in performance enablers, manage key economic resources, access the global savings pool and create a new world mindset," he said.
Food and agriculture, information and communication, healthcare and life sciences are some of the sectors that will drive India's economic growth in the future, according to Ambani.
"No development strategy will work in democratic India unless farmers support it," he said.
"India must target $2 trillion from agriculture by expanding the volume and productivity," he said adding, "India should aim to become the food base for the world."
As far as manufacturing is concerned, Ambani said India should aim at $2 trillion output on strength of international competitiveness and export-led growth.
Citing the example of Reliance Industries, he said, "We have witnessed a thirty-fold increase in our exports over the last four years from Rs 336 crore (Rs 3.36 billion) in 1997-98 to Rs 11, 200 crore (Rs 112 billion) in 2001-02," he said.
He also added that in this knowledge era, we should not write-off the manufacturing sector.
"We should manage key economic resources such as water and energy India can target an output of $ 1 trillion from the energy sector in 20 years," he said.
As far as foreign direct investment is concerned, India should aim to achieve 15 times its present FDI to around $ 30 billion in 20 years, he said.
"While the world, particularly the developed world, is growing older, India will continue to be young," he added.
"India must increase its professional resource base twenty-fold from 5 million to 100 million in 20 years," he said.
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