India will emerge as a $30-trillion economy in the next 30 years, commerce and industry minister Piyush Goyal said on Sunday, highlighting that the country remains the world’s fastest-growing major economy.
Based on a (conservative) compounded annual growth rate of 8%, the country’s economy will double in about nine years, he said. India’s nominal GDP stood at $3.3 trillion in FY22.
“In another nine years, that is 18 years from now, we will be about a $13- trillion economy. In another nine years after that, that is 27 years from now, we will be a $26-trillion economy… then obviously, in 30 years from now, confidently we can all expect that the Indian economy will be a $30-trillion economy,” the minister said.
He was addressing exporters and other textile industry stakeholders in Tiruppur, which houses the country’s largest garment cluster.
Some “naysayers” who have raised doubts over these numbers should visit Tiruppur to gauge the significant growth potential that the country has. Exports from Tiruppur, which has emerged as a global apparel hub, jumped to Rs 30,000 crore in FY22 from just Rs 15 crore 37 years ago, recording a phenomenal compounded annual growth rate of about 23% over such a long period, Goyal said.
The Indian economy has grown at a fast pace after the pandemic and is expected to do well despite the ongoing war between Ukraine and Russia. Even though the war has impacted global supply chains and caused a spike in commodity prices, especially of oil, the government has managed to keep inflation at a reasonable level, the minister said.
Calling on the textile and garment industry to identify and help develop 75 Tiruppur-like clusters across the country, the minister exuded confidence that this labour-intensive sector will lead the country’s export growth and create huge number of jobs in the coming years.
(The reporter was in Tiruppur at the invitation of the Union commerce & industry ministry)