Commerce and Industry Minister Piyush Goyal announced India’s ambition to become a $30 trillion economy by 2047 during the 96th Annual General Meeting of FICCI. Goyal attributed India’s economic strength, transitioning from the “Fragile 5” to the world’s 5th largest economy, to robust fundamentals. He highlighted the nation’s $600 billion foreign exchange reserves, remaining stable during global challenges like the Ukraine war and the pandemic.
India’s foreign exchange position is reportedly strong enough to cover imports at the current account deficit for the next five to six years. Goyal emphasized India’s respectable position in the global market, leading to increased interest in free trade agreements, with the country standing firm on its trade interests, even settling disputes with the US at the WTO.
He encouraged the Indian industry to seize new opportunities, citing the country’s growth pillars: a well-managed strong economy, meeting basic needs, and significant infrastructure investments. Goyal urged India Inc. to contribute to a self-reliant India, promoting vocal-for-local and aspiring for global manufacturing excellence in technology and innovation.