India to become $30-35 trillion economy by 2047: Piyush Goyal
What's the story
Commerce and Industry Minister Piyush Goyal has expressed confidence in India's journey toward becoming a developed and prosperous nation by 2047. He made the remarks at the sixth Global Fintech Fest (GFF) in Mumbai, highlighting the government's efforts to boost domestic growth, infrastructure development, and global trade. "No power on earth can stop India," he said while emphasizing India's potential to become a $30-35 trillion economy by 2047.
Global perception
World looks at India with trust, confidence: Goyal
Goyal emphasized that the world now looks at India with "trust and confidence." He said this is due to the country's ability to deliver high-quality talent, goods, services, and its commitment to timely delivery. "From being a participant to now a principal architect of the fintech world, India leads global initiatives," he added.
Economic progress
$30-35 trillion economy by 2047 'possible': Goyal
Goyal stressed that India's goal of becoming a $30-35 trillion economy by 2047 is "very much within the realm of possibility." He attributed this to strong macroeconomic fundamentals, a robust financial sector, and expanding international partnerships. "Trust is the only currency in finance that never loses value," he said while highlighting India's steady growth and structural reforms that have made it a $4 trillion economy.
Domestic growth
Government taking massive steps to boost domestic economy
Goyal said the government is taking "massive steps" to boost the domestic economy through infrastructure development and consumption-led growth. This is being done despite global headwinds. He also noted that India's trade relations with developed nations are strengthening, with exports of goods and services expected to have grown by 4-5%. Goyal said India is at an inflection point as a trusted global partner with low taxes, strong institutions, and a focus on empowering consumers.