India To Become Global Economic Power With Collective Efforts, To Grow 10-Fold In 25 Years: Goyal

Union Commerce and Industry Minister Piyush Goyal has said India will become a global economic power with collective efforts and added that the Indian economy will reach 10-fold in the next 25 years by 2047. He also said the development can be achieved by making available expert human resources to the maximum extent


“With political stability, high competitiveness, collective efforts and developing economic system, India will become an economic force in the world to reckon with. At present, the Indian economy is worth of $3.5 trillion. A developing country can be taken to the level of a developed country with integrated economic growth and collective efforts. With continuous efforts, the Indian economy will reach tenfold in the next 25 years by 2047, when we mark the 100th year of independence. The development can be achieved by making available expert human resources to the maximum extent,” Goyal said on Friday.

The commerce and industry minister attended as chief guest at the inaugural of the Indian Institute of Foreign Trade (IIFT), Kakinada Campus, in Andhra Pradesh on Friday. Union Finance Minister Nirmala Sitaraman inaugurated the IIFT Kakinada campus.

On this occasion, Goyal said Sitharaman has paid special attention and initiative for the establishment of the IIFT campus. “The establishment of this new campus marks the beginning of a new chapter.”


He further said that expert management of human resources is necessary for Indian commerce to gain more international recognition in the future. These human resources will be made available through IIFTs.

He also said the actions and special allocation of budgets by the central government under the Atmanirbhar Bharat make the country’s economic system much stronger and enriched. He also said Andhra Pradesh is growing a lot in the fields of agriculture, fisheries, etc, and the state has also various special economic zones.

The minister has called for the promotion of local products, artisans, skilled weavers etc, as it is important to support them in every way.

The event was attended by Members of Parliament Vanga Geeta, G V L Narasimha Rao, P Subhas Chadnrabose and M Bharat Ram; Andhra Pradesh Finance Minister B Rajendranath Reddy; Civil Supplies Minister K Venkata Nageswara Rao; BC Welfare, I&PR and Cinematography Minister Venugopala Krishna; and R&B Minister D Raja and others.

Recently, Sitharaman said that despite global headwinds, the Indian economy will stay on course and is projected to grow at seven per cent in FY 2022-23. This is an outcome of the conducive domestic policy environment and the government’s focus on key structural reforms to boost growth.

She also said the global economic outlook is clouded by key downside risks — growth slowdown in major economies, cross-border effects due to the on-going geopolitical situation, inflationary pressures led by escalating food and energy prices that have adversely impacted vulnerable economies.

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