Speaking at a session on the second day of the 'CII Annual Business Summit 2024' in the national capital, Kant said that structural reforms in the country have elevated the country from the "fragile 5" to the "top 5".

The huge amount of reforms across the spectrum has resulted in a growth rate of about 8.4 per cent over the last three quarters.

“By 2027, we will overtake Germany and Japan. Analysts are right in saying that 30 per cent of the global GDP growth will come from India between 2035-2040,” said Kant during a session on ‘Future of Globalisation: Challenges for Indian Industry’.

Kant also urged India Inc to work with states to accelerate their development, in order to build 12-13 “champion states” growing at 10-11 per cent per annum.

India will become the third largest economy in the world by 2030, said an S&P Global report recently, adding that the country will be the fastest-growing major economy in the next three years.

The United Nations has also revised India’s growth forecast for 2024 by 70 basis points to 6.9 per cent, from 6.2 per cent estimated in January.