Commerce & Industry Minister Piyush Goyal projected that India will evolve into the world’s growth engine and is poised to become a $35 trillion economy by 2047. Addressing the inaugural session of FICCI’s 96th Annual General Meeting and Annual Convention, Goyal said, “The Bharat of today will indeed be the world’s growth engine and collectively India is going to be powering the world economy for several decades to come. Our mission is clear to make India a developed nation with a 10x growth to become a $35 trillion economy by 2047.”
He added that India’s transformation journey over the next 25 years towards becoming an inevitable global economic power.
Goyal laid out the vision of a self-reliant India, advocating for a nation that supports local products while expanding its global footprint. This approach, he suggested, will position India at the forefront of the world economy for the coming decades. The goal, as outlined by Goyal, is to develop India into a nation with a tenfold increase in its economy.
In his address, Goyal also discussed the Jan Vishwas (Amendment of Provisions) Act, 2023. This act focuses on decriminalizing certain offences and rationalizing regulations to enhance trust-based governance, thereby facilitating ease of living and business operations. He called upon the industry to contribute ideas for the upcoming Jan Vishwas bill 2, which aims to further simplify compliance and decriminalize more aspects of governance.
Goyal reassured attendees about India’s robust foreign exchange reserves, which he claimed are adequate to sustain the country’s current account and trade deficits for the next five to six years, thus safeguarding the economy and currency valuations.
The Minister identified three pillars crucial for sustaining India’s growth: strong economic fundamentals, the aspirations of its citizens, and significant infrastructure investments. These, according to Goyal, will be the defining factors of India’s growth trajectory over the next three decades.
Moreover, Goyal urged the Indian industry to upscale and compete globally, highlighting the importance of inclusive and sustainable growth. This approach, he said, will enable India to engage more confidently on the international stage.
Echoing Goyal’s views, FICCI President Subhrakant Panda pointed out that India’s recent economic performance, especially the Q-2 GDP data, indicates the country’s potential as a global growth leader. He credited this to India’s vast domestic market, ongoing reforms, and demographic advantages, positioning India as a key player in the global economic arena.
