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

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that India is on the path to become a powerhouse driving global growth by 2047. In his address, the Minister said conclusion of the Indo-Pacific Economic Framework (IPEF) 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 amongst each other, he added.

Goyal said the transformational work happening in India has taken the country to the 5th spot among world economies. Assessing the impact of the foundational changes and structural transformation that has happened in the last few years, Shri Goyal mentioned that CII estimates India in 2047 to be a USD 35-45 trillion economy, taking India into the league of developed nations. Emphasising that India today is a land of opportunities and a potential market for the business community in the US, he noted that India has the advantage of demographic dividend and its aspirational young population provides a huge opportunity for growth. Goyal mentioned that India is also rapidly transitioning to clean energy, adding that we aspire to achieve 500 GW of green energy capacity by 2030.

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