Commerce Minister Piyush Goyal stated that India could become a 30-35 trillion dollar economy by 2047. Driven by rapidly expanding infrastructure, technological advancements, and global trust, the country is on its way to becoming a developed nation. India is now the world's fourth-largest economy and is playing a leading role in every sector, from fintech to trade.
Economy: Speaking at the sixth Global Fintech Fest in Mumbai, Commerce and Industry Minister Piyush Goyal declared that nothing could stop India from becoming a developed nation by 2047. He stated that India is rapidly progressing towards becoming a 30-35 trillion dollar economy. The nation's focus is on infrastructure expansion, technology, and boosting global trade. Despite new tariffs from the Trump administration and global uncertainties, India's growth remains robust. Goyal emphasized that trust is India's greatest currency, and it is leading the country towards global leadership.
India: A Rapidly Growing Economy
Speaking at the sixth Global Fintech Fest (GFF) in Mumbai, Piyush Goyal stated that India's economy currently stands on a b foundation. The country has become a 4 trillion dollar economy and is now the world's fourth-largest economy. He added that in the coming years, India's pace will accelerate further due to infrastructure expansion, technology adoption, and increasing participation in global trade.
Goyal remarked that today, the world views India with trust and confidence. Indian products, services, and talent have now established their place in the global market. India is no longer merely a participant but has become a major architect of the global fintech sector.
Target of a 35 Trillion Dollar Economy
Piyush Goyal stated that India is working towards becoming a 30 to 35 trillion dollar economy by 2047. He emphasized that this target is not merely a dream but a fully achievable objective. He added that the country's robust policies, stable government, and increasing foreign investment are significantly contributing in this direction.
Goyal asserted that India's economy is now at a stage where trust has become the greatest currency. He stated that in the finance sector, "trust" is the currency whose value never diminishes. India has earned this trust through stable growth, structural reforms, and a b financial framework over the past few years.
India's Growing Role in Global Trade
Piyush Goyal stated that India is increasingly becoming a hub for global trade. India's trade relations with Europe, the Middle East, and African countries are rapidly expanding. He noted that this growth is occurring at a time when the global economy is navigating a period of uncertainty.
Goyal informed that India has maintained its b position despite the 50 percent tariffs imposed by the Trump administration and increased competition with China. He mentioned that India's exports are consistently registering a growth of 4 to 5 percent. The government is taking significant steps to further accelerate this growth.
Strengthening Ties with Developed Nations
Goyal stated that India is working on deepening its trade relationships with developed countries. He mentioned that trade agreements with Europe and potential trade pacts with the UK will bring significant benefits to India. These agreements will open up new markets for Indian products and increase investment opportunities.
He added that India has emerged as a reliable global partner. Low tax policies, b institutions, and reforms aimed at empowering consumers have further enhanced its credibility.
The Crucial Role of Digital India
Piyush Goyal stated that India's digital transformation is set to become the biggest driver of economic growth in the coming years. He remarked that digital payments, e-governance, and technology-based services in India have become examples for the world today.
He concluded that the progress India has made in fintech, digital infrastructure, and the startup ecosystem will propel the country to new heights in the next two decades. India has now become not just a consumer but a hub for innovation.
