Piyush Goyal outlines India’s path to $35 trillion economy by 2047

Commerce and Industry Minister Piyush Goyal on Monday outlined the government’s strategy to make India a fully developed nation by 2047.

Addressing a delegation of 35 journalists representing 19 countries across Latin America and the Caribbean, Goyal said the government aims to develop India’s current $3.7 trillion economy to a robust $30-35 trillion by 2047, alongside a steadfast commitment to ensuring the nation’s food and energy security.

Goyal lauded Prime Minister Narendra Modi’s unwavering commitment, applauding the dual strategy of strengthening India’s macroeconomic fundamentals while prioritizing the welfare of the underprivileged.

He underscored PM Modi’s visionary leadership, attributing India’s remarkable transformation from the 11th largest to the 5th largest global economy over the past decade to a combination of addressing social welfare concerns and implementing effective governance. Goyal projected India’s GDP to ascend to the third-largest globally by 2027.

He also pointed out notable macroeconomic achievements under the current administration, emphasizing India’s ascent to the fourth position globally in terms of foreign currency reserves.

Moreover, Goyal highlighted the past decade as India’s most fruitful in the 75 years since independence, with inflation witnessing a significant halving over the last 12 years. These achievements, Goyal said, reflect a successful turnaround in the country’s economic trajectory.