India on its way to become $30 trn economy, developed nation by 2047: Goyal

Piyush Goyal said that ONDC is a game-changing initiative, which aims to democratize e-commerce to give equal opportunity to start-ups and young entrepreneurs

Union Minister for Commerce and Industry Piyush Goyal on Friday said India is on track to become a developed nation. He added that India will be a $30 trillion economy by 2047, becoming one of the top economies of the world.

Speaking at the valedictory function of the Bengaluru Tech Summit 2022, Goyal said that ONDC (Open Network for Digital Commerce) is a game-changing initiative which aims to democratise e-commerce to give equal opportunity to start-ups and young entrepreneurs, big and small, to engage with e-commerce.

He also said that Bengaluru will have a huge role to play in ONDC. “When this becomes a public good and finds acceptance at the global stage, people will remember that it all started through the testing done in Bengaluru.”

In a press conference earlier, Goyal had said, “The ONDC has that ability to transform the e-commerce sector not only in India, but also in the whole world because, like UPI, it will democratise or make e-commerce available to the common man and connect the 60 million or six crore small retailers all over the country.” 

At the tech summit, he further stated that start-ups today are playing the role of a booster dose in the post-pandemic recovery that India is leading from the front, despite geopolitical challenges that have affected the economy.

“Countries across the globe are witnessing inflation, getting into the recessionary mode,” he said.

“Against all these challenges, it is our bright youth who are helping India lead the global recovery.”

The commerce minister said Bengaluru and Karnataka will be the flag bearers of India's tomorrow as a science and technology destination and a global IT hub. The union minister said Bengaluru is emerging as the Silicon Valley of the east with a huge ecosystem comprising technology companies, R&D centres, centres of excellence, incubator centres and venture capital funds.

Talking about India taking the presidency in the G20 meet starting December 1, Goyal said under Prime Minister Narendra Modi’s leadership, the country has got a golden opportunity to showcase its strength.

He also said that the large population today is a boon. “We have scale, the demographic dividend but we need efforts and ideas that can enjoy the fruits of this scale. You have the opportunity to be cost-effective and to convert into high valuations.”

Start-ups will help create the mindset for quality in our country, he emphasised. “Sustainability and clean energy will resonate with our start-up ideas with a consciousness to be responsive to the challenges of climate change so that we respect inter-generational equity,” he added.