Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal, said that India is on the path to becoming a powerhouse, driving global growth by 2047.
While addressing the business community of Southern California, the United States, the Union minister also said that the conclusion of the Indo-Pacific Economic Framework (IPEF) is an important milestone for free and fair trade with like-minded countries, who share a common objective of having a 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,” Goyal said. “The transformational work happening in India has taken the country to the fifth spot among world economies,” he added.
Assessing the impact of the foundational changes and structural transformation that have happened in the last few years, Goyal said, “CII estimates India in 2047 to be a $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, the Union minister noted that India has the advantage of a demographic dividend and its aspirational young population provides a huge opportunity for growth. Goyal also mentioned that India is also rapidly transitioning to clean energy, adding that we aspire to achieve 500 GW of green energy capacity by 2030.
Highlighting that political stability has contributed to India’s growth as an economic power, Goyal said, “Prime minister 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 a prosperous India, balance public good and social welfare for the needy and deprived sections of the population, while at the same time empowering 1.3 billion citizens to become better citizens and contribute to the economic growth and development of the country.”
Speaking about welfare measures taken by the government in the last few years, Goyal said the government has been able to meet the basic needs of people through 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, a robust media and transparent government systems”, he added.
Noting that India today has emerged as the trusted partner of the world, 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 an opportunity for investors looking to engage with India.”
“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,” he added.
Recalling that Prime Minister Modi has recently emphasised Kartavya, bringing a sense of duty to every countryman, 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 to become a prosperous and developed nation by 2047.
Goyal also urged 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.