Indian economy to be close to $30 trillion mark by 2047: Amitabh Kant

India's economy, which is currently $4 trillion in size, is expected to be close to $30 trillion by 2047 and the country also has the advantage of younger demographics, G20 Sherpa Amitabh Kant said on Monday.

He was speaking at a session on the sidelines of the International Air Transport Association (IATA) in the national capital.

"The demographics are very young. The Western part of the world is ageing and Japan has already aged, even China is ageing. India is just 28 and even when we become 100, the average age will be 35 years. It is a country of baby boomers," Kant said.

According to him, the country's economy will be close to $30 trillion in 2047.

The country is a $4 trillion economy and just became the fourth largest economy in the world, he added.

While emphasising about sustainable urbanisation, Kant said the country will see around 5 million people getting into the process of urbanisation and there will be a need to create 500 new cities in India.

"You need to create two new Americas in the next five decades. You need to create a Chicago every five years in India. That is the challenge for India," he said.

Kant also said that India's ambition is to create 400 airports.

There are more than 150 operational airports in the country.

"You need great airports, great airlines, you need them to do long haul... IndiGo and Air India with their wide body aircraft should go out and compete with Emirates, Qatar Airways... We believe in competing in the marketplace," he noted.