Indian GDP may reach $30 trillion in the next 30 years: Piyush Goyal

India has one of the fastest-growing economies in the world, according to Commerce and Industry Minister Piyush Goyal, who predicted that it will reach $30 trillion in the next 30 years.

Goyal remarked that if India grows at a compound annual growth rate of 8% annually, the economy will double in nine years while speaking to exporters in Tiruppur, Tamil Nadu.

According to the minister, the country’s economy is currently worth approximately $3.2 trillion and will be worth roughly $6.5 trillion in nine years.

“Another nine years, that is 18 years from now, we will be about $13 trillion economy. And then another nine years after that, that is 27 years from now, we will be a $26 trillion economy… Then obviously, 30 years from today, confidently we can all expect that the Indian economy will be a $30 trillion economy,” the minister said.

If India grows at 8% every year on a Compounded Annual Growth basis, the economy will double in about 9 years time to be $6.5 trillion.

In 18 years, it will be $13 Trillion, in 27 years $26 Trillion.

30 years from now, India can be a $30 Trillion economy. pic.twitter.com/gpmiaSQsnI

— Piyush Goyal (@PiyushGoyal) June 26, 2022

According to the Union Commerce and Industry Minister, despite the current difficult circumstances brought on by the ongoing conflict between Russia and Ukraine and the CoVD-19 pandemic, India’s economy is expanding at a healthy rate. The conflict has caused a shortage of some commodities on the global market, which has increased global inflation.

The minister noted that India has been able to keep its inflation at a manageable level.

Goyal stated that the country’s textile industry is currently worth 10 lakh crore and has the potential to develop to 20 lakh crore in the following five years, with exports of 10 lakh crore.

Textile industry is worth about ₹10 lakh Cr and has the potential to grow to ₹20 lakh Cr in the next 5 years with exports of ₹10 lakh Cr.

Govt. wants to replicate Tiruppur's success across India and create 75 such hubs. pic.twitter.com/jNePVgTxyr

— Piyush Goyal (@PiyushGoyal) June 26, 2022

The Union government, led by Prime Minister Narendar Modi, aims to duplicate Tiruppur’s success throughout India and establish 75 such hubs, according to Goyal, who also holds the ministry for textiles.

Goyal claimed that the Netaji Apparel Park in Tiruppur is a revolutionary project of the administration of former Prime Minister Atal Bihari Vajpayee ji. The significant number of employment it has generated, particularly for women, is something to be proud of.

Netaji Apparel Park, Tiruppur is a transformational initiative of former PM Atal Bihari Vajpayee ji's Government.

It is a matter of pride to see the large scale jobs it has created especially for women.

This facility is a key player in India's textiles growth story. pic.twitter.com/4uyOP5udrf

— Piyush Goyal (@PiyushGoyal) June 26, 2022

“Huge job and investment opportunities can be created in the textiles sector. There is immense potential in the sector,” the minister said. Netaji Apparel Park is a key player in India’s textiles growth story, the minister added.