Chief Economic Advisor V Anantha Nageswaran on Thursday said India has the potential to become a USD 30 trillion economy by 2047, marking 100 years of Independence, if it successfully strengthens its technological capabilities and advances frontier research.
He said achieving this milestone would require annual growth of nearly 12 percent in dollar terms, with India’s current GDP of around USD 3.91 trillion projected to double to USD 7.8 trillion over the next six years.
Addressing the 67th Institute Day celebrations at IIT Madras as chief guest, Nageswaran said the target is realistic but demands sustained focus amid an increasingly complex global geopolitical landscape.
He emphasized that while frugal innovation remains one of India’s core strengths, the country must build on it consistently for future generations.
Nageswaran stressed the need for stronger scientific and engineering research, urging Indian universities and laboratories to position themselves at the forefront of the global knowledge ecosystem. He said institutions must enhance their ability to absorb international technologies, adapt them to India’s unique economic and infrastructural conditions, and scale them efficiently.
He further noted that the real challenge lies in transforming innovations from pilot stages into patents and large-scale productivity gains across agriculture, manufacturing, and services, adding that premier institutions such as IIT Madras have a central role in this transformation.
The event, attended by faculty, students, and alumni, also celebrated distinguished achievers. Notable alumni honoured included OpenAI Chief Technology Officer Srinivas Narayanan and Perplexity.ai Co-Founder and CEO Aravind Srinivas.
Other awardees included Hindustan Aeronautics Limited Chairman and Managing Director D K Sunil, along with several distinguished professors from international academic institutions.
IIT Madras Director Prof V Kamakoti, in his presidential address, highlighted that the institute has retained its position as India’s top engineering institution in NIRF rankings for ten straight years from 2016 to 2025.
He also underscored the significance of IITM Global, describing it as a landmark initiative aimed at creating the world’s first multinational university, with its first international campus launched in Zanzibar, Tanzania, in 2023.
The ceremony also featured the presentation of multiple academic and research honours, including the Srimathi Marti Annapurna Gurunath Award for Excellence in Teaching to Prof Srinivasa Rao and Prof Dhiman Chatterjee, while the Institute Research and Development Awards for 2025-26 were presented to Dr Nagabhushana Rao Vadlamani and Prof Boby George for their outstanding contributions.
