Indian GDP would reach USD 30 trillion in the next 30 years: Piyush Goyal
As we grow to a $5 trillion economy, we are well positioned to pursue our goal of being a $30 trillion economy in the following 30 years. Piyush Goyal, the commerce minister, said.
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On the strength of high GDP growth, India is on track to have a $30 trillion economy in the next 30 years, according to Commerce Minister Piyush Goyal. According to a report from news agency PTI, the Commerce Minister stated during a speech at a Ficci Ladies Organization event that India’s economy is currently worth between USD 3-3.5 trillion and will soon reach USD 5 trillion.
“As we move to a USD 5 trillion economy…we are well poised on track to aspire to be a USD 30 trillion economy in the next 30 years. It doesn’t need any rocket science. All it needs is understanding that the power of our demographic dividend, the youth power and the power of democracy, which India proudly represents,” Goyal said.
Additionally, Piyush Goyal stated that the target of a USD 30 trillion economy would be attained sooner or later at a compounded annual growth rate of 8%. The Commerce Minister acknowledged that Droupadi Murmu became President of India on Monday and said, “she has struggled a lot and her elevation as the head of the country is a matter of pride not only for tribals of the country but for everyone.” He also said that women would play an important role in the growth of India and that there is always room for them at the high table.
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In the meantime, the Commerce Minister on Sunday urged the business sector to support productivity research, farmer education, and branding of Indian cotton, while also emphasising the need to adopt the world’s best practises in cotton productivity.
The Commerce Minister, who also oversees the Ministry of Textiles, stated during a Sunday interactive discussion with stakeholders in the cotton textile value chain at Vanijya Bhawan, New Delhi, “it is time for India to adopt world standards in cotton productivity. All stakeholders must share best practices to boost cotton productivity in India to boost farmer incomes. The private sector must contribute to boost research in productivity, farmers education as well as branding to which Government would provide matching support.”