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India will be at least $30 trillion economy by 2047-50: Piyush Goyal


By PTI STI (Update)

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Interacting with professors, researchers and students at Stanford University in San Francisco, Goyal also said that by the time India celebrates the 100th anniversary of its independence, it will be a $30 trillion economy.

India’s exports of goods and services have already topped $675 billion in the last fiscal year and the country now aspires to boost international trade to $2 trillion by 2030, the trade minister said and Industry, Piyush Goyal.

Interacting with professors, researchers and students at Stanford University in San Francisco, Goyal also said that by the time India celebrates the 100th anniversary of its independence, it will be a $30 trillion economy.

“…by 2047-2050 when India completes 100 years of independence, we will be at least a $30 trillion economy on a business as usual scenario and possibly a $35-45 trillion economy of dollars if some of the aggressive plans that “The government is putting in place a good job. That’s the kind of opportunity I bring to the table,” Goyal said.

India, with a GDP of $3.3 trillion, is currently the fifth largest economy in the world, behind the United States, China, Japan and Germany.

Ten years ago, India was ranked 11th among major economies while the UK was in fifth position. With an expansion of 13.5% in the June quarter, the Indian economy overtook the United Kingdom, which slipped to sixth place. Goyal said the government has spent the past few years laying the foundations on which the country can rapidly transform, grow its economy, improve its systems and engage in technology.

We recently recorded successes in terms of international engagement which reached approximately $675 billion (exports of goods and services) for the very first time last year. We hope to increase our international trade to around $2 trillion by 2030, the Minister added.

Between April and August 2022-23, Indian exports recorded a growth of 17.12% to reach $192.59 billion. Imports during the five-month period increased by 45.64% to $317.81 billion.

The trade deficit widened to $125.22 billion in April-August from $53.78 billion in the same period last year. Indian exports contracted 1.15% to $33 billion in August due to subdued demand in developed markets.

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