Goyal sees Indian economy at $30trn by 2047

Commerce and Industry Minister Piyush Goyal on Friday said that India was poised to become a $30 trillion economy by 2047 with the collective efforts of the government and industry pushing towards an exponential growth rate to achieve a fully developed India.

Addressing the 96thAnnual General Meeting of apex business chamber Ficci, the minister said the Indian economy has already moved from being among the ‘Fragile 5’ to the 5thlargest economy in the world with strong fundamentals.

He pointed out that the country’s $600 billion in robust foreign exchange reserves have remained stable in the most difficult of times whether it be geo-political turmoil such as the war in Ukraine or the pandemic. Investors have preferred to stay in India and not move out which shows the amount of faith that they have in the country’s economy. Foreign bankers also consider the Indian currency among the safest in the world, he added.

Goyal said that the country’s foreign exchange position was strong enough to take care of the country’s imports at the prevailing current account deficit for the next five to six years.

The Indian economy has been a bright spot with strong growth amid a significant slowdown and even distress in other countries. This has increased the country’s respect among nations and given the large size of its market other countries are eager to sign free trade agreements with India, he said. The minister also said that there were some countries that even had a grouse about India leaving them behind with respect to trade agreements.At the same time, India will not compromise its own interests in the trade agreements, the minister assured the captains of industry.