Union Minister of Commerce & Industry, Shri Piyush Goyal, expressed optimism about India’s economic prospects during the launch of the book Bharat@100: Envisioning Tomorrow’s Economic Powerhouse by former Chief Economic Advisor Shri KV Subramanian. Speaking at the ASSOCHAM event, Shri Goyal highlighted key government initiatives aimed at bolstering the rupee, including efforts to enhance semiconductor manufacturing, bolster domestic shipping, and reduce imports of oilseeds, rubber, and pulses.
Shri Goyal’s remarks came as part of a broader discussion on India’s economic trajectory and its potential to emerge as a leading global economy. He cited the book’s prediction that India could become a $55 trillion economy by 2047, provided it maintains an 8% annual growth rate. Shri Goyal emphasized that a stable and robust economy would propel India into the top three global economies.
Highlighting the government’s commitment to economic advancement, Shri Goyal stated that the Centre aims to significantly improve the quality of life for all citizens over the next five years. He outlined key government objectives, including transitioning from an oil-dependent economy to one driven by electric mobility, and focusing on quality in manufacturing. He also stressed the importance of self-sufficiency in defense, transparency, and technological advancement as vital components of India’s growth strategy.
Addressing the rapid growth of China, Shri Goyal drew a parallel between India’s current economic position and China’s growth phase from 2000 to 2020. He expressed confidence that India could replicate China’s success if it maintains economic stability and manages inflation effectively. “Our political and social issues will eventually be resolved, leading to faster economic growth and the potential to mirror China’s trajectory,” said Shri Goyal.
The Union Minister also spoke on the importance of ethical wealth creation and private sector investment. He commended Prime Minister Narendra Modi for his recognition of wealth creators and their vital role in job creation and service provision. Shri Goyal praised the Prime Minister’s emphasis on manufacturing and the need for stable policies, as articulated in PM Modi’s recent speech at the CII Post-Budget Conference.
Shri Goyal’s address underscored a vision of a dynamic and resilient economy, with a focus on sustainable development and strategic investments. As India strives towards becoming a developed nation by 2047, these government initiatives and policy directions are poised to play a crucial role in shaping the country’s economic future.
