India’s Chief Economic Advisor V Anantha Nageswaran has outlined an ambitious growth roadmap, projecting the country’s GDP to expand from about $3.91 trillion to $7.8 trillion over the next six years, and eventually reach $30 trillion by the centenary of Independence.
Speaking at the 67th Institute Day celebrations of Indian Institute of Technology Madras, Nageswaran said achieving this near-term doubling would require around 12% growth in dollar terms. While he described the target as achievable, he cautioned that the global geopolitical environment presents significant headwinds, making the challenge more complex.
Technology capability central to growth journey
Nageswaran emphasised that technological capability will be the defining factor in India’s economic ascent. He noted that India cannot rely on external support for critical technologies and must build domestic strength in science and engineering.
He called for stronger frontier research across universities and laboratories, along with the ability to acquire and adapt global technologies to India’s unique scale and cost structures. While acknowledging India’s strength in frugal innovation, he stressed the need for sustained effort over the long term to maintain competitiveness.
From pilots to economy-wide impact
Highlighting India’s demographic scale, Nageswaran pointed out that innovations must go beyond pilot stages and be capable of nationwide deployment. With the population expected to grow from 1.45 billion to nearly 1.6 billion over the next few decades, scalability will be critical.
He underscored the importance of translating innovation into tangible productivity gains across agriculture, manufacturing, services and governance. Moving from pilots to patents and ultimately to economy-wide impact, he said, will define India’s technological maturity.
IIT Madras’ role in nation building
Reinforcing the role of premier institutions, Nageswaran said institutes like IIT Madras will be central to driving this transformation as they approach their centenary.
Delivering the Presidential Address, IIT Madras Director V Kamakoti reflected on the institute’s 67-year journey from a young engineering college to a globally respected centre of excellence. He highlighted that the institution’s continued progress is anchored in the commitment of its faculty, students, staff, alumni and partners.
Kamakoti noted that Institute Day serves not just as a milestone celebration, but as an opportunity to reaffirm IIT Madras’ mission of contributing to nation building through education, research and service.