KV Kamath, former chairman of ICICI Bank and chairman of the National Bank for Infrastructure and Development, has said that while India’s GDP will reach $7 trillion in fiscal 2029, a quarter of that will come from the digital economy.
The National Bank for Infrastructure and Development (NaBFID) was created by an Act of Parliament in 2021. Launched with a capital of Rs 20,000 crore, the bank has financed a tunnel project in Jammu and Kashmir to the tune of Rs 520 crore. It has set a target of Rs 15,000 crore this year. KV Kamath is the chairman of this bank.
He said about the Indian economy: Our economy needs a lot of expressways, highways, airports, ports, high-speed trains. We still have a lot to do in these areas. There should be dedicated high-speed rail lines for freight and passengers so that infrastructure investments continue. More importantly we can come up with a lot of urban development projects. Not only for top cities, you can also build new world-class cities. A doubling of GDP to $7 trillion in the next 5 years will require more expressways, more airports and ports.
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Currently, the contribution of digital economy is less at 4 percent. Whereas in China it is 40 percent. That’s not an unattainable number. Digital infrastructure, e-commerce and other digital payments and services sectors will drive the country’s biggest growth. As India becomes a $7 trillion economy, the digital economy will contribute 25 percent of it. said as
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