New Delhi, Feb 16 (IANS): Minister of Commerce and Industry Piyush Goyal on Sunday said that India is well on track to become a $30-35 trillion economy in the next two decades propelled by the country’s focus on innovation, entrepreneurship, and inclusive growth.
The minister emphasised that India will emerge as the world’s third-largest economy sooner than anticipated, considering the country’s fast rate of economic growth.
“India is currently the fifth-largest economy and has proven to be an oasis of stability in a volatile world. Our strong macroeconomic fundamentals, record-high forex reserves, and well-managed current account balance are key indicators of this resilience,” Goyal said in his address at the ET Now business summit.
Highlighting the fast pace of India’s economic growth, they said the country’s rising global influence, is due to its push for manufacturing and innovation, and the government’s commitment to inclusive, women-led development.
“Today, we are the voice of the Global South, shaping international trade and economic policies.” He remarked.
He further stated that India’s robust industrial ecosystem and relentless focus on self-reliance are making the country a global manufacturing powerhouse.
Highlighting the country’s startup revolution, Goyal said, “India is now home to the world’s third-largest Startup ecosystem, with over 115 unicorns and 160,000 registered Startups. Our young entrepreneurs are redefining business and technology, proving that India is a land of limitless opportunities”.
The minister also emphasised the transformation that was taking place in India’s infrastructure. “The last decade has seen an unprecedented surge in infrastructure development—modern highways, world-class airports, expanding railway networks, and urban metros are driving economic growth at an accelerated pace,” he pointed out.
Goyal also highlighted the critical role of women in India’s economic rise, stating, “The rise of India’s women is at the heart of our growth story. Female participation in the workforce has increased from 11 per cent a decade ago to nearly 45-50 per cent today. Nari Shakti is shaping India’s future,” he added.