India on Track to Achieve $30-35 Trillion Economy by 2040: Piyush Goyal
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Synopsis
Minister Piyush Goyal announced that India is set to become a $30-35 trillion economy within 20 years, fueled by innovation, entrepreneurship, and inclusive growth. He highlighted India's stability, robust industrial ecosystem, and rising female workforce participation as key factors driving this transformation.
Key Takeaways
- India to become a $30-35 trillion economy in two decades.
- Expected to be the third-largest economy sooner than anticipated.
- Strong macro fundamentals and record forex reserves.
- Rapid growth in startups and female workforce participation.
- Infrastructure development is accelerating economic growth.
New Delhi, Feb 16 (NationPress) The Minister of Commerce and Industry, Piyush Goyal, declared on Sunday that India is poised to evolve into a $30-35 trillion economy within the next two decades, driven by the nation's emphasis on innovation, entrepreneurship, and inclusive growth.
The minister stressed that India is set to become the world’s third-largest economy ahead of expectations, thanks to the country's rapid economic expansion.
“Currently, India ranks as the fifth-largest economy and has established itself as a beacon of stability in an unpredictable world. Our solid macroeconomic fundamentals, record high forex reserves, and well-regulated current account balance are pivotal indicators of this resilience,” Goyal stated during his address at the ET Now business summit.
He underscored the swift pace of India’s economic advancement, attributing the nation’s increasing global influence to its dedication to manufacturing and innovation, alongside the government’s commitment to inclusive, women-led development.
“Today, we are the voice of the Global South, influencing international trade and economic policies,” he remarked.
Goyal further indicated that India’s strong industrial ecosystem and relentless pursuit of self-reliance are positioning the country as a global manufacturing powerhouse.
Discussing the country’s startup revolution, Goyal noted, “India is now home to the world’s third-largest startup ecosystem, boasting over 115 unicorns and 160,000 registered startups. Our young entrepreneurs are redefining business and technology, showcasing that India is a land of boundless opportunities.”
The minister also highlighted the remarkable transformation occurring in India’s infrastructure, stating, “The last decade has witnessed an exceptional surge in infrastructure development—modern highways, world-class airports, expanding railway networks, and urban metros are driving economic growth at an enhanced pace.”
Furthermore, Goyal emphasized the crucial role of women in India’s economic ascent, declaring, “The elevation of India’s women is central to our growth narrative. Female workforce participation has risen from 11 percent a decade ago to nearly 45-50 percent today. Nari Shakti is shaping India’s future,” he concluded.
