Union Minister of Commerce & Industry Piyush Goyal has expressed hope that government efforts to boost semiconductor manufacturing, domestic shipping, and reduce imports of oilseeds, rubber, and pulses will help the rupee appreciate against the dollar.

The minister said that a stable economy will propel India to become one of the top 3 economies in the world.

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The Centre will ensure a better quality of life for the last man at the bottom of the pyramid in the next five years, he said, adding that the government is also focused on efforts to replace the oil economy with electric mobility, and making quality the fulcrum in manufacturing.

Further, he noted that steps undertaken by the government such as self-sufficiency in defence, transparency, and technology, a stronger currency, and macroeconomic fundamentals would spur India to become a developed nation.

Speaking about the rapid growth of China, Minister Goyal said that India is at the same sweet spot today as China was between 2000-2020 when they grew at 8% 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”, he added.

Speaking on ethical wealth creation and the need for private investment, he lauded Prime Minister Narendra Modi’s commitment to recognising 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,” he said.

He further added that the PM’s speech at the CII Post-Budget Conference has 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.

Piyush Goyal was speaking at the ASSOCHAM’s launch event of the book titled “Bharat@100: Envisioning Tomorrow’s Economic Powerhouse” written by former Chief Economic Adviser KV Subramanian.

In the book, Subramanian predicts that India can achieve a $55 trillion economy by 2047 if the nation maintains an 8% annual growth rate.