India to become the world's third-largest economy in the near future, aiming for a USD 30-35 trillion economy by 2047: Piyush Goyal

Mr Piyush Goyal, Minister of Commerce & Industry, Government of India stated that India aims to be the fastest-growing large economy for another 20 years. He noted the IMF's increased GDP growth forecast to 6.6 per cent and India's consistent performance. The Minister highlighted that the IMF has revised Indias growth projection for 2025 upward from 6.4 per cent to 6.6 per cent. He added that in the last 12 years, 250 million Indians have been lifted out of poverty, creating a strong and aspirational middle class that now drives the nations consumption and growth story.

Mr Goyal emphasized that Indias welfare and infrastructure investments are working in tandem to create a more inclusive and sustainable economyensuring that every citizen has access to food, housing, education, healthcare, electricity, digital connectivity, and clean water. He reiterated the governments commitment to structural reforms, ease of doing business, and reducing compliance burdens. The efforts by the government have strengthened investor confidence and positioned India to become the worlds third-largest economy in the near future, aiming for a USD 3035 trillion economy by 2047, he stressed.

 

Mr Goyal underlined that under the leadership of Prime Minister Modi, Indias growth story rests on three strong pillars. The first pillar is creation of robust macroeconomic fundamentals; second pillar is focused on taking modern, high-quality infrastructure to remotest corners of the country and the third pillar includes improving the quality of life of the people. The Government has maintained low inflation, ensured consistent growth, fortified the banking system, and built one of the strongest foreign exchange reserve positions in the world. The government has also reduced the income tax burden on the middle class and simplified the Goods and Services Tax (GST) system to make business processes easier, added Mr Goyal and highlighted that these measures enable citizens to have greater spending capacity and a better quality of life for their families.

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