India will be third largest economy by 2028, says Andhra Pradesh Chief Minister
Speaking at an event at IIT-Madras, Chandrababu Naidu feels the country could become the number one economy by 2047
Chennai: Andhra Pradesh Chief Minister N Chandrababu Naidu on Friday said by 2028, India will be the third biggest economy and could become number 1 or 2 in 2047, when the nation will celebrate the centenary of independence.
Naidu made the remark while addressing the All India Research Scholars Summit (AIRSS)-2025 at the Indian Institute of Technology (IIT) Madras. He was one of the spotlight speakers at the prestigious four-day summit dedicated to research collaborations, industry engagement, and academic excellence.
Prof V Kamakoti, Director of IIT Madras, introduced the Chief Minister as the visionary leader behind Cyberabad’s transformation. Naidu appreciated the vibrant academic environment of IIT Madras and expressed confidence that India’s future belongs to young scholars and entrepreneurs. He acknowledged the role of IIT Madras in knowledge dissemination and praised its contribution to startups like Agnikul Cosmos and Mindgrow Technologies, which have placed India at the forefront of space and semiconductor innovation.
The Chief Minister reflected on India’s economic journey, recalling the pre-liberalisation mixed economy and the impact of the 1992 economic reforms. He highlighted how deregulation in the telecom sector, based on his recommendation, helped drive digital transformation. He recounted his meeting with Bill Gates in the 1990s, which led to Microsoft’s establishment in Hyderabad, and underscored the role of Telugu leaders like Satya Nadella in global technology.
Naidu spoke about India’s digital revolution, citing Aadhaar and UPI as examples of successful innovations. He noted that by December 2024, India had achieved 1,673 crore UPI transactions, with an annual value exceeding $2.4 trillion. He projected India’s rapid economic growth from the world’s fifth-largest economy in 2021 to potentially reach first or second place by 2047. He said:
“In the last 10 years, if you look at largest economies of the world, India has exhibited the highest growth in terms of GDP. Three of the present top four economies have had decent GDP growth rate. In 2014, India was at the 10th place. In 2021, we were in the fifth place and next year, in 2026, we will be in the fourth place and by 2028, we will be in the third place. If all of us work hard, India will become No 1 or 2 economy in 2047. It is going to happen by the 100 year of our Independence.”
Discussing the global Indian presence, he underscored how Indians dominate in Silicon Valley, NASA, and Wall Street, and predicted that by 2047, Indians would be the most influential community worldwide.
He stressed the importance of AI adoption, noting that 65 per cent of Indians use AI compared to 30 per cent globally. He urged students to apply AI for real-time decision-making and lead in emerging technologies like quantum computing. The Chief Minister announced Andhra Pradesh’s ambitious plans, including setting up Quantum Valley in Amaravati with the help of IIT Madras.
He recalled his ‘foresight’ in establishing Hyderabad’s Hi-Tech City in 1995 and emphasised the importance of AI, urging students to develop practical use cases. He revealed that Andhra Pradesh is collaborating with IIT Madras, IBM, TCS, and the Government of India to advance deep technology. On infrastructure and connectivity, he mentioned Google’s upcoming data center and a sea cable from Singapore to Visakhapatnam to enhance global digital links.
He also addressed demographic trends, noting the declining fertility rates in South India and the need for stable population growth and skilled migration. Naidu highlighted Andhra Pradesh’s leadership in green energy, with solar power now costing Rs 2 per unit, as he had anticipated. He stated that India aims to produce 500 GW of green energy within five years, with 160 GW coming from Andhra Pradesh.
He revealed that AP is set to receive Rs 10 lakh crore in green energy investments, creating 7.5 lakh jobs. NTPC is setting up a green hydrogen unit, and Reliance is investing in bioenergy projects.
He also announced plans to install rooftop solar panels in 2 million houses over two years. Naidu assured students and entrepreneurs that Andhra Pradesh is ready to support innovative businesses with proof-of-concept opportunities.
Thanking Naidu for accepting the institute’s invitation, Prof Kamakoti said, “We have students from all over India at the All India Research Scholars Summit 2025. As we proceed towards ‘Viksit Bharat @ 2047′, you (researchers) are the people who are going to develop and deliver the technology for our country. Here, we have a person who has built from scratch a great ‘Cyberabad’, which we all are proud of.” Naidu took part in a ‘Spotlight Discussion’ with Prof Kamakoti, Prof Shanthi Pavan, Dean (Academic Research), IIT Madras, Prof NV Ravi Kumar, Advisor, AIRSS 2025 and Robin Rathi, Research Affairs Secretary, IIT Madras. The second edition of this annual event is dedicated to fostering research collaborations, industry engagement and academic excellence. It brings together scholars, academicians, industry leaders, and innovators from diverse fields across India and this summit is being held from 27 to 30 March 2025, the IIT Madras said in a statement. PTI
