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Indian economy may touch $30 trillion in next 30 years, says Piyush Goyal

The country's economy at present stood at about $3.2 trillion and in nine years from today, it will be about $6.5 trillion, Piyush Goyal saidPremium
The country's economy at present stood at about $3.2 trillion and in nine years from today, it will be about $6.5 trillion, Piyush Goyal said

Talking about the textiles industry in the country, Piyush Goyal said the industry size at present is worth 10 lakh crore and has the potential to grow to 20 lakh crore in the next 5 years with exports of 10 lakh crore

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Commerce and Industry Minister Piyush Goyal on Sunday said India is one of the fastest-growing economies in the world and it is expected to reach $30 trillion in the coming 30 years.

Addressing exporters at Tiruppur in Tamil Nadu, Goyal said if India grows at 8% every year on a compounded annual growth basis, the economy will double in nine years.

The country's economy at present stood at about $3.2 trillion and in nine years from today, it will be about $6.5 trillion, the minister added.

"Another nine years, that is 18 years from now, we will be about $13 trillion economy. And then another nine years after that, that is 27 years from now, we will be a $26 trillion economy… Then obviously, 30 years from today, confidently we can all expect that the Indian economy will be a $30 trillion economy," the minister said.

The Union Commerce and Industry Minister said India's economy is growing at a healthy pace even in the current challenging times because of the ongoing war between Ukraine and Russia and Covid-19 pandemic as the war has led to a shortage of certain commodities in the global markets and it has pushed the world inflation.

India has managed to maintain its inflation at a reasonable level, the minister added.

Talking about the textiles industry in the country, Goyal said the industry size at present is worth 10 lakh crore and has the potential to grow to 20 lakh crore in the next 5 years with exports of 10 lakh crore.

Goyal, who also holds the textiles portfolio, said the Union government in the leadership of Prime Minister Narendra Modi wants to replicate Tiruppur's success and create 75 such hubs across the country.

Goyal said Netaji Apparel Park in Tiruppur is a transformational initiative of former prime minister Atal Bihari Vajpayee ji's government. It is a matter of pride to see the large-scale jobs it has created especially for women.

"Huge job and investment opportunities can be created in the textiles sector. There is immense potential in the sector," the minister said. Netaji Apparel Park is a key player in India's textiles growth story, the minister added.

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