New Delhi, Aug 1 (IANS): Commerce & Industry Minister Piyush Goyal on Thursday said that the government's efforts to boost semiconductor manufacturing, domestic shipping and a reduction in imports of oilseeds, rubber and pulses have the potential to strengthen the rupee vis-a-vis the US dollar.

The Union Minister was speaking at an Assocham event for the launch of a book titled "Bharat@100: Envisioning Tomorrow's Economic Powerhouse" written by former Chief Economic Advisor K.V. Subramanian.

The book predicts that India can achieve a $55 trillion economy by 2047 if the nation sustains an 8 per cent annual growth rate.

Piyush Goyal pointed out that the steps taken by the government towards achieving self-sufficiency in defence, a stronger currency and macroeconomic fundamentals will help India become a developed nation.

He said that a stable economy will push India to be among the top 3 economies of the world and the Centre will ensure a better quality of life to the last man at the bottom of the pyramid in the next five years.

The Union Minister said the government is focused on efforts to replace the oil economy with electric mobility and making quality the fulcrum in manufacturing.

He said that India is at the same sweet spot today as China was between 2000-2020 when they grew at 8 per cent based on a stable economy and low inflation.

"Our political and social problems will eventually reduce, our economy will grow faster, and we can replicate China's growth story," Piyush Goyal said.

Speaking on ethical wealth creation and the need for private investment, he lauded Prime Minister Narendra Modi's commitment to recognise the contribution of wealth creators in the private sector and businesses.

"PM Modi values wealth creators for their role in job creation and for providing goods and services for the citizens," Piyush Goyal remarked.

He further stated that PM Modi's speech at the CII post-budget conference brought to the fore the importance of manufacturing to India's growth story and the need for stable policies to make India a developed nation by 2047.