Commerce and Industry Minister Piyush Goyal on Friday said that India was poised to become a $30 trillion economy by 2047 with the collective efforts of the government and industry pushing towards an exponential growth rate to achieve a fully developed India.
Addressing the 96th Annual General Meeting of apex business chamber FICCI, the minister said the Indian economy has already moved from being among the “Fragile 5” to the 5th largest economy in the world with strong fundamentals.
He pointed out that the country’s $600 billion in robust foreign exchange reserves have remained stable in the most difficult of times whether it be geopolitical turmoil such as the war in Ukraine or the pandemic. Investors have preferred to stay in India and not move out which shows the amount of faith that they have in the country’s economy. Foreign bankers also consider the Indian currency among the safest in the world, he added.
Goyal said that the country’s foreign exchange position was strong enough to take care of the country’s imports at the prevailing current account deficit for the next five to six years.
The Indian economy has been a bright spot with strong growth amid a significant slowdown and even distress in other countries. This has increased the country’s respect among nations and given the large size of its market other countries are eager to sign free trade agreements with India, he said.
The minister also said that there were some countries that even had a grouse about India leaving them behind with respect to trade agreements.
At the same time, India will not compromise its own interests in the trade agreements, the minister assured the captains of industry.
He said that even with the US, the government had stood its ground on trade issues. Goyal pointed out that it was the first time that India had settled as many as seven disputes with the US at the WTO, some of which had been lingering on for as many as 10 years. This was possible as India has gained a new respect in the world and its friendship is valued by other countries, he added.
Goyal said India was now engaging with the world with confidence and industry must take advantage of the new opportunities that have been created.
He said that the country was growing on the strength of three pillars which included a strong economy that was being managed prudently, the basic needs of the people were being met and massive investments were being made in the infrastructure sector.
The minister said that investments in big ticket infrastructure projects were having a multiplier effect and in turn creating demand for commodities like cement and steel which was generating more employment as a chain reaction.
He exhorted India Inc. to work for a Viskat Bharat that is self-reliant and one that is not only vocal for local but goes global with its manufacturing and emerges as a hub for technology and innovation. The India of the future would not only be looking after its own people but powering the world, he added.
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