India Aims to Achieve $30-35 Trillion Economy by 2047, Says Commerce & Industry Minister Piyush Goyal

New Delhi: Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Piyush Goyal, emphasized the Indian government’s ambitious goal of transforming the nation into a fully developed entity by 2047. Speaking to a media delegation comprising 35 journalists from 19 countries in Latin America and the Caribbean, Goyal outlined the government’s strategies to achieve a robust economy, ensuring food and energy security.

The Union Minister highlighted the government’s vision to elevate the current $3.7 trillion economy to a staggering $30-35 trillion by 2047. He underscored the commitment to strengthening macroeconomic fundamentals while focusing on the welfare of the poor in areas such as food, healthcare, and education.

Commending Prime Minister Narendra Modi’s dedication, Goyal acknowledged the relentless pursuit of twin tracks – fortifying India’s macroeconomic fundamentals for the future and prioritizing the welfare of the underprivileged. This holistic approach, coupled with efficient governance, has propelled India from the 11th largest to the 5th largest economy globally, with projections to become the 3rd largest GDP by 2027.

Goyal outlined the remarkable achievements in the last decade, marking the best-performing period in the 75 years of India’s independence. He highlighted the government’s success in halving inflation over the past 12 years, contributing to a well-managed economy with controlled interest rates.

Addressing the state of the economy inherited by the government in 2014, Goyal stated, “We inherited a broken economy, deep in distress and a poor reputation around the world for the India growth story and its ability to play a part in geopolitics.” Despite the challenges, the government has orchestrated a turnaround, with foreign currency reserves ranking 4th largest globally and the national currency performing exceptionally well among developing countries.

Piyush Goyal’s remarks reflect the government’s commitment to comprehensive economic development and welfare initiatives, positioning India as a formidable global player in the coming years. The ambitious economic targets set for 2047 demonstrate the determination to propel India to new heights on the global stage.