India Can Be $55-Trn GDP By 2047 If It Grows At 8%
IMF-India ED says formalisation of economy fuels growth; 3-day startup festival ISF ends in Hyd
Dr Krishnamurthy V Subramanian (C), Executive Director, IMF- india, alongside JA Choudhary, Chairperson, ISF and the core team during the last day of ISF 2024 in Hyderabad
International Startup Festival (ISF) 2024 witnessed participation of agri-tech, healthtech, edu-tech, junicorns, apart from software and technology startups
Hyderabad: India will be a $55 trillion economy by 2047 if yearly growth rate of eight per cent is maintained till 2047, said Dr Krishnamurthy V Subramanian, Executive Director, International Monetary Fund-India.
Delivering the last talk at International Startup Festival (ISF) 2024 here, he highlighted that India will be a $55 trillion economy by 2047. “It is doable if the economy maintains a real growth rate of eight per cent per annum till 2047. The three enablers for making this happen will be - increased formalisation of Indian economy, improved productivity and innovation, and lastly, credit creation,” he said.
The third edition of ISF 2024 held in city concluded on Saturday. It witnessed participation of agri-tech, healthtech, edu-tech, junicorns, apart from software and technology startups. The key takeaway from the conference was to foster problem-solving approach in the society and create a conducive ecosystem for innovators through mentorship, funding and market access to succeed in their ventures.
Three roundtables were organised on the last day. During the healthcare roundtable, providing accessibility of quality healthcare services to all and how AI acts as a transformative tool in the healthcare sector, was discussed. The key takeaway from the roundtable was about how disruption in the health care and health tech segment has plethora of opportunities for innovators to find tech enabled solutions to help the burgeoning population and limited resources.
The SET roundtable emphasised on reducing unemployment and increase of more jobs by focusing on leveraging technology to train the youth with skills suitable for the industry. Finally, in the Women in Business roundtable, the panelists stressed upon believing in yourself, doing volunteer work, confident to reach out to people to network, a process in place to optimise time utilisation and succeed in multiple roles they take up in life. According to JA Chowdary, Chairperson and Convenor, ISF, “we had three insightful days of deliberations at ISF 2024. These insights will help students, early startup founders and others to overcome the challenges and foster the growth of startups successfully. We once again emphasise that startups need to focus on problem solving approach and continuously keep innovating. Startups should focus on Value Creation rather than focusing on Valuation. This is the sure path to success in the rapidly growing Indian Economy. Looking forward to more success stories emerging from ISF 2024.”
To encourage junicorns and volunteers, HoverRobotix and MentorX will be advancing innovation in AI and robotics, by providing mentorship, resources, global networks, and funding opportunities to early-stage startups.
The core team International Startup Foundation are Dr Siva Mahesh Tangutooru, Co-Founder and Managing Trustee of ISF, Atluri Yerragangu, Co-founder and COO, ISF, Co-Founders of ISF are M Satyendra Kumar Atluri, Seshadri Vangala, Deenanath Harapanahalli, Bipin Chandra Pendyala and Dr Bhanu Prakash Varla.
