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Expressing optimism over the country’s growth, Commerce and Industry Minister Piyush Goyal has said that India is one of the fastest-growing economies in the world and it is expected to reach $30 trillion in the coming 30 years. He added if India grows at 8 per cent every year on a compounded annual growth basis, the economy will double in about nine years. He said the country’s economy at present stood at about $3.2 trillion and in nine years from today, it will be about $6.5 trillion. He further said ‘another nine years, that is 18 years from now, we will be about $13 trillion economy. And then another nine years after that, that is 27 years from now, we will be a $26 trillion economy… Then obviously, 30 years from today, confidently we can all expect that the Indian economy will be a $30 trillion economy’.

The minister said some ‘naysayers’ have raised questions on these numbers but they should come to places like Tiruppur to see the significant jump in the growth of sectors like textiles. He also said that the country’s economy is growing at a healthy pace even in the current challenging times because of the ongoing war between Ukraine and Russia and Covid-19 pandemic. He noted that the war has led to a shortage of certain commodities in the global markets and it has pushed the world inflation, but India has managed to maintain its inflation at a reasonable level.

About the textiles industry, he said the industry size at present is about Rs 10 lakh crore and exports are about Rs 3.5 lakh crore. Given the potential, the industry is targeting to reach Rs 20 lakh crore in terms of industry size and Rs 10 lakh crore exports in the next five years. He also said that Tiruppur has become a global apparel hub and is exporting goods worth over Rs 30,000 crore from Rs 15 crore, 37 years back. He added there is a need to create 75 such textile cities in the country. He highlighted that the sector provides direct employment to 6 lakh people and indirect employment to 4 lakh people, therefore, collectively providing employment to 10 lakh people. He added all over India, roughly 3.5-4 crore people are engaged in the total value chain of the textile sector alone. Textiles is the second largest provider of work after agriculture.