India to remain world's fastest-growing large economy for next 20-25 years: Piyush Goyal

New Delhi: India will remain the fastest-growing large economy in the world for the next 20-25 years, Union Commerce and Industry Minister Piyush Goyal said on Thursday, asserting that the country is well-positioned to drive global growth and technological advancement in the coming decades.

Addressing the SRCC Centenary Conclave here, Goyal said nations across the world are increasingly looking to engage with India because they recognise the potential of its young and ambitious population.

"The world wants to engage with India today because they recognise the young aspirational India is going to lead global growth. It is going to be the engine of global advancement in technology and global trade," he said.

Highlighting India's long-term growth prospects, the minister said the country's demographic advantage, large consumer market and entrepreneurial energy would enable it to maintain its growth momentum for decades.

"We will continue to be the fastest-growing large economy in the world for the next 20-25 years. Given our demographic dividend, young population and the large market that we have, we will actually be shaping how the future of the world pans out," he said.

Goyal stressed that India's progress towards becoming a developed nation by 2047 would depend on the collective efforts of its citizens. He said there was a need to move away from a mindset that avoids challenges and instead embrace responsibility for nation-building.

"There’s a very large segment of people that is running away from the problems. They are not willing to accept that our destiny is in our own hands. We will have to contribute to make India a developed nation by 2047," he said.

According to the minister, the ambition to achieve big goals has become a defining characteristic of modern India and is a key factor behind the country's rising global stature.

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