IGI Logo

Expressing optimism over the country’s economic growth prospects, Union Commerce and Industry Minister Piyush Goyal has said India’s growth story will take the economy from $3.5 trillion now to $35 trillion in the next 25 years. He said ‘This 10-fold growth is due to India's strong economic fundamentals. We are the fastest-growing economy. Low inflation, strong foreign exchange reserves and a welcoming environment for the investors have brought twice the FDI to India in the last 10 years compared to the earlier decade’.

He said that the 21st century belongs to India and it was on track to become the third largest world economy in three years. He added ‘We are working with a focused approach to make India a developed and prosperous nation by 2047 when we celebrate 100 years of Independence’. He said the country moved from the ‘fragile five’ economies in 2014, when the BJP-led NDA came to power at the Centre. 

He also said large parts of the world had written India off, and people did not have the confidence that it could grow and play a role in global economics. He further said India has an environment conducive to investment, and there is a focus on ease of doing business, reducing compliances, and decriminalisation of several laws which were detrimental to the business-friendly environment. He said ‘India today is seen as a trusted and reliable partner in a global supply chain’.