Indian economy on track to touch USD 30 trillion in next 30 years: Piyush Goyal

  • ‘As we move to a USD 5 trillion economy...we are well poised on track to aspire to be a USD 30 trillion economy in the next 30 years,’ Commerce Minister Piyush Goyal said

Livemint
First Published25 Jul 2022, 11:16 PM IST
Piyush Goyal said that at a Compounded Annual Growth Rate of 8%, the goal of USD 30 trillion economy would be achieved sooner or later.
Piyush Goyal said that at a Compounded Annual Growth Rate of 8%, the goal of USD 30 trillion economy would be achieved sooner or later.(HT_PRINT)

Commerce Minister Piyush Goyal on Monday said that India is on the right path to become a USD 30 trillion economy in the next 30 years on the back strong GDP growth. While addressing an event organised Ficci Ladies Organisation, the Commerce Minister said, India is currently USD 3-3.5 trillion economy and soon will achieve USD 5 trillion, according to news agency PTI report.

"As we move to a USD 5 trillion economy...we are well poised on track to aspire to be a USD 30 trillion economy in the next 30 years. It doesn't need any rocket science. All it needs is understanding that the power of our demographic dividend, the youth power and the power of democracy, which India proudly represents," Goyal said.

Additionally, Piyush Goyal said that at a compounded annual growth rate of 8%, the goal of USD 30 trillion economy would be achieved sooner or later. The Commerce Minister said that women would play an important role in the growth of India and there is always space for them on the high table, while acknowledging Droupadi Murmu taking over as President of India on Monday, he said, “she has struggled a lot and her elevation as the head of the country is a matter of pride not only for tribals of the country but for everyone.”

Meanwhile, the Commerce Minister on Sunday called for the contribution of the private sector in promoting research in productivity, farmers' education as well as branding of Indian cotton, additionally emphasising on the need to adopt global best standards in cotton productivity.

While speaking at an interactive meeting with stakeholders of the cotton textile value chain held at Vanijya Bhawan, New Delhi on Sunday, the Commerce Minister who also holds the portfolio of the Ministry of Textiles, said, "it is time for India to adopt world standards in cotton productivity. All stakeholders must share best practices to boost cotton productivity in India to boost farmer incomes. The private sector must contribute to boost research in productivity, farmers education as well as branding to which Government would provide matching support."

(With inputs from PTI)

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First Published:25 Jul 2022, 11:16 PM IST
HomeNewsIndiaIndian economy on track to touch USD 30 trillion in next 30 years: Piyush Goyal

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