Press Information Bureau
Government of India
Ministry of Commerce & Industry
11 SEP 2022 11:51AM by PIB Delhi
India to become a powerhouse driving global growth by 2047: Shri Piyush Goyal

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said that India is on the path to become a powerhouse driving global growth by 2047. He said this while interacting with the Business Community of Southern California.

In his address, the Minister said conclusion of the Indo-Pacific Economic Framework (IPEF) IPEF is an important milestone for free and fair trade with like minded countries, who share a common objective to have rule based international order and a transparent economic system.  Politically stable and open economies in the Indo-pacific are coming together to expand economic activities amongst each other, he added. 

Addressing the gathering, Shri Goyal said the transformational work happening in India has taken the country to the 5th spot among world economies. Assessing the impact of the foundational changes and structural transformation that has happened in the last few years, Shri Goyal mentioned that CII estimates India in 2047 to be a USD 35-45 trillion economy, taking India into the league of developed nations.

Emphasising that India today is a land of opportunities and a potential market for the business community in the US, he noted that India has the advantage of demographic dividend  and its aspirational young population provides a huge opportunity for growth.  Shri Goyal mentioned that India is also rapidly transitioning to clean energy, adding that we aspire to achieve 500 GW of green energy capacity by 2030.

The Minister said that India’s Prime Minister Shri Narendra Modi has brought political stability to the country and under his leadership we have a government that is - decisive, willing to take strong decisions in the interest of prosperous india, balances public good and social welfare for needy deprived section and at the same time also empowering 1.3 billion citizens become better citizens and contribute to economic growth and development of the country. Speaking about welfare measures taken by the Government in the last few years, Shri Goyal said the government has been able to meet basic needs of people - food security- shelter and access to toilets.

“We are proud to be the mother of all democracies. We are proud to have a vibrant judiciary and rule of law, robust media, and transparent Govt systems”, said Shri Goyal.  

Noting that India today has emerged as the trusted partner of the World, Shri Goyal said India has now emerged as a high quality manufacturer of valuable goods and services, given the skillsets and the talent pool available across sectors- IT, textiles, hospitality, gems and jewellery and added that each one of these would provide opportunity for investors looking to engage with India.

Addressing the gathering, Shri Goyal said as we embark on our journey towards making India a developed nation by 2047, it is important for us to reflect on where we see India in the next 25 years.

Recalling that Prime Minister Modi has recently emphasised on Kartavya, bringing a sense of duty to every countrymen, Shri Goyal called upon all the stakeholders- Indians and Indian Diaspora, to take upon themselves the duty to work collectively and make collective efforts, towards the fulfilment of our resolve of becoming a prosperous and developed nation by 2047.

The Minister concluded his address by urging everyone to use ODOP products for every occasion adding that if the Indian diaspora across the globe gives preference to Made in India products, crores of Indian artisans will be supported for a better tomorrow.