New Tax Reforms Will Make India World’s Top Economy By 2047 With 10% Growth, Says Naidu

Last Updated:September 05, 2025, 18:31 IST

Speaking at the ACIAM–International Mediation Conference, Naidu highlighted India’s strong economic trajectory and the transformative role of tax reforms

Andhra Pradesh CM Chandrababu Naidu speaks at the ACIAM–International Mediation Conference in Visakhapatnam. (Image: News18)

Andhra Pradesh Chief Minister Nara Chandrababu Naidu has expressed confidence that India will become the world’s largest economy by 2047, driven by bold reforms and rapid technological advancements.

Speaking at the ACIAM–International Mediation Conference in Visakhapatnam, Naidu highlighted India’s strong economic trajectory and the transformative role of tax reforms.

“I have seen tax reforms—from CST and VAT to GST, and now its improved version. With these reforms, we are already growing at 6–7%. But there is clear potential to achieve 10% growth in the near future. If that happens, nothing can stop India from moving forward," he said.

Lauding the country’s progress under Prime Minister Narendra Modi’s leadership, Naidu noted: “Eleven years ago, India was the 11th largest economy. Today, it is the fourth largest. Next year, we will become the third. According to Ernst & Young, by 2038 India will be the second largest, and by 2047, the No. 1 economy globally. I have no doubt about this."

Recalling past milestones, the Chief Minister pointed to the economic reforms of 1991 and the IT revolution of the mid-90s that transformed India’s growth story. He also emphasized the demographic dividend, noting that while South India is gradually losing the advantage, North India still retains it.

Naidu also showcased Andhra Pradesh’s progress in attracting global investments and technology. “We have mobilized 100 billion US dollars of investments for the state. Next month, Google is coming, TCS is already here, and Cognizant is joining. With these developments, Visakhapatnam will surpass India’s current total data center capacity within one to two years. America has Silicon Valley, and now India has begun building Quantum Valley. By January 1, Amaravati will host the country’s first quantum computer, making India the sixth nation in the world to use quantum computing."

On space technology, he announced plans for Space City near Tirupati. “Earlier, we admired space achievements only on TV. Now, we are building our own Space City. Just like America has SpaceX, we will soon launch private satellites from here," Naidu said.

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