Indian Economy to expand to $35 trillion in 25 years : Piyush Goyal
NEW DELHI : Union Commerce and Industry Minister Shri Piyush Goyal stated on Friday that India’s economy, currently valued at $3.5 trillion, is set to expand to $35 trillion over the next 25 years. Speaking at the inaugural session of the Amazing Goa Global Business Summit 2024, Goyal emphasised that the 21st century belongs to India, predicting it will become the third-largest economy globally within three years.
Goa Chief Minister Shri Pramod Sawant, Former Union Minister Shri Suresh Prabhu, and other dignitaries attended the summit, organised by the Vibrant Goa Foundation. Goyal highlighted Prime Minister Narendra Modi’s vision, saying, “Prime Minister Shri Narendra Modi has rightfully said the 21st century is India’s century. He also said that the 21st century has stopped being small. What we do today is the best and the biggest.”
Goyal detailed India’s economic progress, noting the country’s move from being part of the “fragile five” economies in 2014 to becoming the fifth-largest GDP globally. He attributed this growth to India’s strong economic fundamentals, including low inflation, robust foreign exchange reserves, and a welcoming environment for investors, which have doubled foreign direct investment in the last decade compared to the previous one.
The minister also pointed out the government’s efforts to create an investment-friendly atmosphere by focusing on ease of doing business, reducing compliances, and decriminalising laws detrimental to businesses. “India today is seen as a trusted and reliable partner in a global supply chain,” he said.
CM Sawant expressed Goa’s commitment to contributing to PM Modi’s vision. “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,” Sawant remarked.
Former Union Minister Shri Suresh Prabhu praised India’s stability under PM Modi’s leadership, citing it as one of the least risky countries in terms of risk analysis. The three-day Amazing Goa Global Business Summit 2024 will feature various knowledge sessions, business-to-business meetings, and other events aimed at attracting investment to the coastal state.