On Sunday, Piyush Goyal, the Minister of Commerce and Industry, stated that India is on course to reach a $30-35 trillion economy in the next 20 years, driven by the nation’s emphasis on innovation, entrepreneurship, and inclusive growth.
He highlighted that, with India’s rapid economic expansion, the country is set to become the world’s third-largest economy sooner than expected.
“India is currently the fifth-largest economy and has proven to be an oasis of stability in a volatile world. Our strong macroeconomic fundamentals, record-high forex reserves, and well-managed current account balance are key indicators of this resilience,” Goyal said in his address at the ET Now business summit.
Emphasizing India's swift economic progress, the minister noted that the country's growing global influence is a result of its strong focus on manufacturing, innovation, and the government's dedication to fostering inclusive, women-led development.
“Today, we are the voice of the Global South, shaping international trade and economic policies.” He remarked.
He added that India's strong industrial economy and consistent push for self-reliance are turning the nation into a manufacturing giant of the world.
Highlighting the country’s startup revolution, Goyal said, “India is now home to the world’s third-largest Startup ecosystem, with over 115 unicorns and 160,000 registered Startups. Our young entrepreneurs are redefining business and technology, proving that India is a land of limitless opportunities”.
The minister also laid stress on the change that was occurring in India's infrastructure. “The last decade has seen an unprecedented surge in infrastructure development—modern highways, world-class airports, expanding railway networks, and urban metros are driving economic growth at an accelerated pace,” he pointed out.
Goyal also highlighted the critical role of women in India’s economic rise, stating, “The rise of India’s women is at the heart of our growth story. Female participation in the workforce has increased from 11 per cent a decade ago to nearly 45-50 per cent today. Nari Shakti is shaping India’s future,” he added.
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