India to become a powerhouse driving global growth by 2047: Piyush Goyal

The Minister pointed to the ongoing reform efforts as the engine behind India’s rapid economic growth which has seen the country become the fifth largest economy in the world.

“Assessing the impact of the foundational changes and structural transformation that has happened in the last few years, Goyal mentioned that CII estimates India in 2047 to be a $35-45 trillion economy, taking India into the league of developed nations”, a press release stated.

The Minister further noted that “India has now emerged as a high quality manufacturer of valuable goods and services, given the skill sets and the talent pool available across sectors- IT, textiles, hospitality, gems and jewellery and added that each one of these would provide opportunity for investors looking to engage with India.”

He also found that India has acquired a few natural advantages. First, “India’s Young population and talent pool available across sectors provide huge opportunity for growth”, said Goyal. Second, the nation enjoyed the benefit of a “strong, decisive and people centric government under the leadership of PM Narendra Modi”.

He added that India’s goal was to leverage these advantages to become a developed nation by 2047, the country’s 100th anniversary of Independence.

Minister Goyal was in Los Angeles to attend the first Ministerial meeting of the Indo-Pacific Economic Framework, a 14-nation economic partnership.

“IPEF is an important milestone for free and fair trade with like minded countries, who share a common objective to have rule based international order and a transparent economic system. Politically stable and open economies in the Indo-pacific are coming together to expand economic activities among each other”, he said.

Post your comment
First article