India set to emerge among world's top three economies; $30 trn economy by 2047: Piyush Goyal

New Delhi [India], September 8 (ANI): Union Minister of Commerce and Industry Piyush Goyal on Monday said that India will become one of the world's top three economies in the coming two to two-and-a-half years, highlighting the country's rapid economic progress in recent years.

Speaking at the Platinum Jubilee Celebrations of the Engineering Exports Promotion Council (EEPC) at Vigyan Bhawan, Goyal highlighted India's journey from being one of the weakest economies a decade ago to now standing among the top five. "Under Prime Minister Narendra Modi's guidance, India has come from being one of the world's five weakest economies in 2014 to become one of the top five economies in 2025. In the coming two to two-and-a-half years, India will become one of the world's top 3 economies," he said.

The event was attended by distinguished heads of mission from various countries and marked by the presence of the President of India, Droupadi Murmu.

The minister spoke about recent economic performance stating that India's GDP grew by 7.8 per cent in the last quarter, which he described as a record. He also projected that by 2047, India will become a 30 trillion-dollar economy.

Goyal credited reforms such as the Goods and Services Tax (GST) for creating new opportunities. "The GST reform is very extensive. With simplification and rate cuts, the country's economy will move forward even more. New job opportunities will increase. People will spend more. We must ensure that the benefits of GST rate cuts reach consumers," he said.

Speaking about EEPC, the minister pointed to the role of engineering exports in the country's growth story. "In 1970, EEPC exported goods worth 10 million dollars. Today, EEPC has reached 116 billion dollars in exports," Goyal said.

He stressed the need for high-quality products to be manufactured and sold within the country, urging people to strengthen their preference for indigenous goods, noting that the world's confidence in India should be met with faith at home. "We must keep the faith that the world shows in India today," Goyal added.

On sustainability, Goyal said India is committed to playing a responsible role in addressing climate change. "In the big challenge of global climate warming, India acts as a responsible global citizen. India has been among the top 3 in global sustainability efforts," he stated.

Goyal said the country has enough strength to face any challenge.

"No matter how big a challenge becomes, the country has enough strength; it neither fears nor bows down before any challenge," he stated. (ANI)

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