India on track to become $35 trillion, fully developed economy by 2047: Piyush Goyal

23 February 2024: Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal said that present government’s ambition is to make India a fully developed nation by 2047 and all efforts are being made in this direction. While addressing a media delegation of 35 journalists from 19 countries of Latin American and Caribbean in New Delhi recently, Goyal said that government’s ambition is to increase current $3.7 trillion economy to be a $30-35 trillion economy by 2047 and to ensure food and energy security of the nation.

Goyal hailed Prime Minister Narendra Modi’s relentless pursuit of twin tracks – strengthening macroeconomic fundamentals of India to prepare the country for future and focus on welfare of the poor pertaining to food, healthcare and education. The Union Minister said that Prime Minister Narendra Modi’s holistic vision to address the issues regarding welfare of the poor coupled with good governance over the last decade has helped India transform from 11th largest to 5th largest economy in the world and is on track to become the 3rd largest GDP by 2027.

Goyal said that current government has completed a turnaround of the macroeconomics of the country with the foreign currency reserves being 4th largest in the world, twice since 2014, and the currency is amongst the best performing in developing countries. Shri Goyal said that India has witnessed the best performing decade in the last 75 years of Independence with inflation being halved in the past 12 years that has benefited the economy with interest rates in control.

Minister further said that the government inherited a broken economy when they came to power with a clear mandate in 2014. “We inherited a broken economy, deep in distress and a poor reputation around the world for the India growth story and its ability to play a part in geopolitics”, said Goyal.