Minister of Commerce & Industry Piyush Goyal said that the government is focused on and committed to making India a developed nation by 2047, with strong fundamentals in place. He also added that India has the ability, willingness, desire, talent, skill and capability. “As policy makers we have the intent and are deeply committed to making India a developed nation by 2047. The focussed efforts towards self-sufficiency in defence, electric mobility and enhancing the quality of our manufacturing setups combined with enhanced transparency and technology adoption will help us have a stronger currency and a stronger macroeconomy to get us to a $55 trillion economy,” Goyal added.
The minister further added that India’s economy will be at $5 trillion in the next 3-3.5 years making it the third largest economy in the world. “As we increase our shipping, focus on electric mobility and become sufficient in defense, we are looking at a rupee appreciation. We can replicate, if not better, the China story between 2000-20,” he said.
He was speaking at a special session on ‘Bharat@100: Leveraging unprecedented opportunities’, organised by ASSOCHAM. The event also witnessed the inauguration of a book titled ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’ authored by Dr K V Subramanian, Executive Director, IMF.
Talking about the book, Krishnamurthy Subramanian said that four major pillars, that is the macroeconomic emphasis on growth, the microeconomic focus on social and economic inclusion, the vision of ethical wealth creation, and the strategy of a virtuous cycle sparked by investment are examined by Subramanian through meticulous research and perceptive analysis.
“The significant strides that the country has made in the preceding years is not by chance, it is by design, and the last 10 years are a testament of that. India is a highly resilient economy. A few years ago, becoming the 5th largest economy was our dream and today we are talking about becoming the 3rd largest economy in the world and there’s a lot of work that needs to go in. India has successfully earned global trust and we did this by leveraging our demography, our large market and therefore building the right capacities for making things happen,” said Deepak Sood, Secretary General, ASSOCHAM.