India to become USD 35 trillion economy in 25 years, says Union Minister Piyush Goyal

Union Minister Piyush Goyal. (Pic/Official X)

Union Commerce and Industry Minister Piyush Goyal on Friday announced that India is set to grow its current USD 3.5 trillion economy to an impressive USD 35 trillion over the next 25 years, news agency PTI reported.

Speaking at the Amazing Goa Global Business Summit 2024, Goyal emphasised that the 21st century is poised to be India's century, predicting that the nation will emerge as the third-largest economy in just three years.

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The summit, organised by the Vibrant Goa Foundation, also featured remarks from Chief Minister Pramod Sawant and former Union Minister Suresh Prabhu amongst others.

Goyal quoted Prime Minister Narendra Modi, stating, "21st century is India's century, the 21st century has stopped being small. What we do today is the best and the biggest."

"We are working with a focused approach to make India a developed and prosperous nation by 2047 when we celebrate 100 years of Independence," he said.

Goyal said India's growth story will take the economy from USD 3.5 trillion to USD 35 trillion in the next 25 years.

"This 10-fold growth is due to India's strong economic fundamentals. We are the fastest-growing economy. Low inflation, strong foreign exchange reserves and a welcoming environment for the investors have brought twice the FDI to India in the last 10 years compared to the earlier decade," said the Commerce Minister.

He also said that India moved from the "fragile five" economy in 2014, when the BJP-led NDA came to power at the Centre, stated PTI.

Reflecting on the country's journey since 2014, Goyal remarked, "We were the 10th largest GDP in 2014, and there was very little hope, very low ambition and aspiration amongst the people of India. I am happy to share with you that under PM Modi's leadership, India has moved to the fifth largest economy in the world, from the fragile five to a powerful force. In the next three years, we will become the world's third-largest economy."

Goyal further emphasised that India is now recognised as a trustworthy player in global supply chains, with a focus on improving the ease of doing business and reducing compliance burdens and decriminalisation of several laws which were not business-friendly.

"India today is seen as a trusted and reliable partner in a global supply chain," he said.

Chief Minister Pramod Sawant expressed Goa's commitment to contributing to PM Modi's vision.

Sawant stated, "Today, we are here to unveil the new Goa, which is ready to embark on the future as a vibrant investment destination. We are moving beyond tourism to make the state a thriving hub of emerging industries that will highlight Goa on a global map."

Suresh Prabhu, former Union Minister, reiterated India's growing reputation as one of the least risky countries for investment under Modi's leadership.

The three-day Amazing Goa Global Business Summit 2024 will feature a variety of knowledge sessions, business-to-business meetings, and other initiatives aimed at attracting investment to Goa.

(With inputs from PTI)