India Set to Achieve $30 Trillion Economy by 2047 Through Collaborative Efforts
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Synopsis
Union Minister Piyush Goyal stated that through collaboration between Central and state governments, India is set to become a $30 trillion economy by 2047. He highlighted significant investments in infrastructure and innovation during the Global Investors' Meet 2025 in Bengaluru.
Key Takeaways
- India aims for a $30 trillion economy by 2047.
- Strong collaboration between Central and state governments is crucial.
- Rs 11 lakh crore allocated for infrastructure development.
- Karnataka plays a significant role in India's export growth.
- Significant investments in deep-tech and fintech industries.
Bengaluru, Feb 12 (NationPress) Emphasizing that the advancement of states equates to the advancement of the nation, Union Minister of Commerce and Industry Piyush Goyal stated on Wednesday that if the Central and state governments collaborate in a spirit of partnership and cooperation, India is on track to evolve into a $30 trillion economy by 2047.
Speaking at the Global Investors' Meet (GIM) 2025 Invest Karnataka event, Minister Goyal promised that the Central government will offer robust support to Karnataka in this endeavor.
He noted that last year, Rs 11 lakh crore was designated for infrastructure enhancement. A Plug and Play model Industrial Smart City is under development over 8,000 acres in Tumakuru, with the first phase of 1,736 acres expected to be finalized by the end of 2026.
Goyal stressed that India stands as a premier global investment hub, supported by five essential strengths: democracy, demand, population, digitization, and diversity.
He unveiled forthcoming projects such as 75 new airports, enhanced air connectivity to 120 cities under UDAN-2, 114 waterways, a doubling of current ports, and the establishment of 50 tourism hotspots—all of which will be advantageous for Karnataka.
India's exports have reached $800 billion, with Karnataka playing a crucial role in this progress. The central government has earmarked Rs 20,000 crore for innovation, Rs 74,000 crore for the Semiconductor Mission, and Rs 2 lakh crore for PLI-based industrial incentives.
Goyal expressed optimism that Karnataka will be pivotal in propelling deep-tech, fintech, and future industries in the nation.
During the Global Investors' Summit, Goyal presented the ‘Invest Karnataka’ Awards to 15 enterprises that have significantly contributed to Karnataka's economy and industrial landscape.
He also launched a collection of Karnataka’s industrial success narratives titled ‘Karnataka Success Stories’.
Deputy Chief Minister D.K. Shivakumar announced that Rs 1 lakh crore will be allocated to address Bengaluru's traffic issues. This will encompass the construction of flyovers, bridges, double-decker roads, and new highways. Minister M.B. Patil remarked that Karnataka's industry-friendly policies serve as a benchmark for others and that the state is making substantial strides toward sustainable industrial growth.
The event saw participation from Ministers K.J. George, Dr. Sharanprakash Patil, Priyank Kharge, Dinesh Gundu Rao, N.S. Boseraju, KEONICS Chairman Sharath Bachchegowda, and entrepreneur Nikhil Kamath.
At the event, the late Vikram Kirloskar, a notable industrialist, was honored posthumously with the ‘Industrial Legacy’ Award. Geetanjali Kirloskar accepted the award in his stead.
