India ready to grow into a $35-trillion Economy in 24 years : Piyush Goyal

NEW DELHI : There is great excitement about India globally and the country stands at a crucial juncture, ready to catapult into a $35-trillion Economy in the next 24 years, marking an era of unprecedented growth, Commerce and Industry Minister Shri Piyush Goyal said. “We are at the cusp of our nation’s history that will catapult India into a high-growth economy,” Goyal said at the ET NOW Leaders of Tomorrow Awards on Friday.

Highlighting India’s status as a significant and reliable economy, Goyal praised the global interest in investments, referring to a meeting with a US investment firm intending to double its $ 13-billion investment. The Entrepreneur of The Year award was presented to Swarup Bose of Celcius Logistics Solutions, while Mohammad Hamza of Engineering & Environmental Solutions received recognition as the Young Entrepreneur of The Year, and Jayashree Nair of BDH Industries was honoured as the Women Entrepreneur of The Year.

In a fireside chat, V Vaidyanathan, MD & CEO of IDFC FIRST Bank, remarked that the positive outlook for MSMEs (Micro, Small, and Medium Enterprises) is a result of the combined efforts of the government, the Reserve Bank of India, and banks. He pointed out the significance of robust asset quality, digitisation, and continuous infrastructure investments, which empower micro-entrepreneurs in India. He stated, “The optimistic perspective towards MSMEs is a result of collaborative efforts by the government, RBI, and banks, coupled with strong asset quality, digitisation, and ongoing infrastructure investments.”

Vaidyanathan also highlighted India’s achievement in formalising the economy, especially for MSMEs, through digital connectivity, including Aadhaar and Bharat’s optic network. He noted, “India has achieved a remarkable milestone in formalising the economy, particularly for MSMEs, with the help of digital connectivity, including Aadhaar and Bharat’s optic network.” He mentioned that over 100 million merchants now engage in digital transactions through QR codes, facilitating trade and supporting micro-businesses.

The jury panel for the awards included Harsh Mariwala, Chairman of Marico, and Arundhati Bhattacharya, Chairperson and CEO of Salesforce.