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 	 Deloitte CEO Romel Shetty</p>
<p>	 India is already home to 200 startups operating in this field: Romel Shetty	 	</p>
<p>						NEW-DELHI: India needs to maintain an annual growth rate of 8-9 percent for the next two decades to realize its vision of becoming a developed nation by 2047, according to Romel Shetty, CEO of Deloitte South Asia. This assertion aligns with Prime Minister Narendra Modi&#8217;s call to work diligently toward achieving developed country status within the next 26 years.</p>
<p>Shetty emphasized that India possesses a unique advantage in the global economic landscape and could leverage a &#8220;China plus one&#8221; strategy to further its growth ambitions. He pointed out that no other nation offers the same operational scale and vast market potential as India.</p>
<p>Speaking about the burgeoning space sector in the country, Shetty highlighted that India is already home to 200 startups operating in this field. He projected that investments worth a staggering $100 billion could flow into India&#8217;s space sector by the year 2040, underscoring the potential for growth and innovation in this critical domain.</p>
<p>To attain the goal of becoming a developed economy by 2047, Shetty emphasized the imperative of sustained high growth rates. He stated, &#8220;We need to grow at least at 8-9 percent till 2047 to become a developed economy.&#8221; Shetty acknowledged that sustaining such growth levels is no small feat, and only a handful of countries in the world have managed to consistently achieve an annual growth rate of 8-9 percent.</p>
<p>Prime Minister Modi, in a recent interview, expressed confidence in India&#8217;s future economic trajectory, asserting that the country is on track to be among the top three global economies. He stated, &#8220;I am sure that by 2047, our country will be among the developed countries. Our economy will be more inclusive.&#8221; India currently holds the position of the world&#8217;s fifth-largest economy, following the United States, China, Japan, and Germany.<br />
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