Indian economy set to achieve $5 trillion target, will have world’s third-largest GDP by 2027: Piyush Goyal

The Indian economy is poised to reach the $5 trillion mark within the next few years and will have the third-largest GDP in the world by 2027, Union Minister Piyush Goyal said during the inauguration of the ‘Aatmanirbhar Bharat Utsav 2024’ on Wednesday. Goyal emphasized that this ambitious target can be realized through the collective efforts of 140 crore Indians, working as a team in alignment with the principles of the Panch Pran of Amrit Kaal, as articulated by Prime Minister Narendra Modi.

Minister of External Affairs, Dr. S Jaishankar, who also present during the event, highlighted the potential of the ODOP (One District One Product) initiative in driving growth within the tourism sector, thereby fosterimg employment generation. Stressing the importance of both ‘Make in India’ and effective branding and promotion, Dr. Jaishankar said that these elements contribute significantly to increasing product demand. He acknowledged ODOP and Geographical Indicators (GI) as effective tools for promoting traditional Indian products.

Dr. Jaishankar also highlighted the global visibility achieved by India through ODOP at various G20 events held during the country’s G20 presidency. He noted that ODOP artisans, sellers, and weavers garnered international attention, and the government actively gifted ODOP products to foreign delegates during these events. The collaboration between the Ministry of External Affairs and the Ministry of Commerce and Industry, along with Indian missions, aims to boost the country’s outbound shipments.

The ongoing ‘Aatmanirbhar Bharat Utsav 2024’ in New Delhi, hosted by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, will run from January 3 to 10. During the inauguration ceremony, Union Ministers Piyush Goyal and Dr. S. Jaishankar presented the ODOP Awards 2023 to deserving winners.

The ODOP Awards recognise the efforts and successes in advancing the ODOP initiative, bringing together districts, states, and Indian missions abroad to acknowledge their contributions to this innovative national endeavor. The ODOP programme aims to create sustainable employment at the district level while promoting comprehensive socio-economic development, focusing on selecting, branding, and promoting one product from each district across the country.