India on way to $30T economy by 2047: Piyush Goyal
What's the story
India is on the path to becoming a $30 trillion economy by 2047, said Union Commerce and Industry Minister Piyush Goyal.
Speaking at the Global Economic Policy Forum hosted by the Confederation of Indian Industry (CII), he emphasized India's robust foreign exchange reserves and the confidence investors have in the economy.
Goyal also noted that foreign bankers regard the Indian currency as one of the safest globally.
Details
Strong foreign exchange reserves and growth
Goyal pointed out that India's $600 billion in foreign exchange reserves have remained steady during challenging times, such as the Ukraine conflict and the COVID-19 pandemic.
He added that the nation's foreign exchange position is solid enough to cover imports at the current account deficit for the next five to six years.
The Indian economy has shown impressive growth despite slowdowns in other countries, earning respect among nations and prompting others to seek free trade agreements with India.
What Next?
Infrastructure development and trade agreements
The minister highlighted Prime Minister Narendra Modi's focus on infrastructure development, with government spending on capex infrastructure projects having tripled.
Goyal also assured industry leaders that India would not compromise its interests in trade agreements.
He encouraged the industry to seize new opportunities arising from India's global engagement, stating that the country's growth relies on three pillars: a robust economy managed wisely, addressing people's basic needs, and substantial investments in infrastructure.