India Set to Emerge as $30-35 Trillion Economy in 20 Years: Piyush Goyal
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Synopsis
Minister of Commerce and Industry Piyush Goyal shared insights on India's promising future, predicting a transition to a $30-35 trillion economy in the next two decades, driven by innovation, entrepreneurship, and women's empowerment.
Key Takeaways
- India is on track to become a $30-35 trillion economy.
- Focus on innovation and entrepreneurship is vital.
- India aims to be the third-largest economy soon.
- Women’s participation in the workforce has significantly increased.
- Strong macroeconomic fundamentals support stability.
New Delhi, Feb 16 (NationPress) Minister of Commerce and Industry Piyush Goyal stated that India is on a promising trajectory to evolve into a $30-35 trillion economy over the next two decades, driven by a strong emphasis on innovation, entrepreneurship, and inclusive growth.
The minister underscored that India is poised to become the world’s third-largest economy sooner than expected, thanks to the nation’s rapid economic advancement.
“Currently, India ranks as the fifth-largest economy and has established itself as a beacon of stability amidst global volatility. Our robust macroeconomic fundamentals, record-high forex reserves, and a well-regulated current account balance are vital indicators of this resilience,” Goyal remarked during his address at the ET Now business summit.
Goyal pointed out that India's swift economic growth and its increasing global influence stem from its dedication to manufacturing and innovation, alongside the government’s commitment to inclusive, women-led development.
“Today, we represent the voice of the Global South, influencing international trade and economic policies,” he commented.
He further noted that India’s vibrant industrial ecosystem and unwavering focus on self-reliance are positioning the country as a global manufacturing powerhouse.
Discussing the startup revolution in India, Goyal stated, “India is now home to the world’s third-largest startup ecosystem, boasting over 115 unicorns and approximately 160,000 registered startups. Our young entrepreneurs are reshaping business and technology, showcasing that India is a land of endless opportunities.”
The minister also highlighted the significant transformation in India’s infrastructure, noting, “The past decade has witnessed an extraordinary increase in infrastructure development—modern highways, world-class airports, expanding railway networks, and urban metros are propelling economic growth at an unprecedented pace.”
Goyal emphasized the essential role of women in India's economic ascent, stating, “The empowerment of women is central to our growth narrative. Female workforce participation has surged from 11 percent a decade ago to nearly 45-50 percent today. Nari Shakti is shaping India’s future,” he concluded.
