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Minister of Commerce & Industry Piyush Goyal on Monday said that the government’s ambition is to expand the current $3.7 trillion Indian economy to a $30-35 trillion fully developed economy by 2047 and to ensure food and energy security of the nation.

Addressing a media delegation of 35 journalists from 19 countries of Latin American and the Caribbean, Goyal said that Prime Minister Narendra Modi’s holistic vision to address issues regarding the welfare of the poor coupled with good governance over the last decade has helped India transform from the 11th largest to 5th largest economy in the world.

“The country is on track to become the 3rd largest economy by 2027,” he said.

He hailed PM Modi’s relentless pursuit of twin tracks - strengthening the macroeconomic fundamentals of India to prepare the country for the future and focus on the welfare of the poor pertaining to food, healthcare and education.

The minister said that India has witnessed the best performing decade in the last 75 years of Independence with inflation being halved in the past 12 years that has benefited the economy with interest rates in control.