Union Minister of Commerce and Industry Piyush Goyal said that the present government’s ambition is to make India a fully developed nation by 2047 and all efforts are being made in this direction.
Lashing out at the previous Congress government, Piyush Goyal said the NDA government inherited a broken economy when they came to power with a clear mandate in 2014.
“We inherited a broken economy, deep in distress and a poor reputation around the world for the India growth story and its ability to play a part in geopolitics”, he said.
Piyush Goyal’s remarks came while addressing a media delegation of 35 journalists from 19 countries of Latin American and the Caribbean in New Delhi on Monday.
He further hailed Prime Minister Narendra 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.
PM Modi’s holistic vision to address the issues regarding 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 and is on track to become the 3rd largest GDP by 2027.
The government’s ambition is to increase the current $3.7 trillion economy to be a $30-35 trillion economy by 2047 and to ensure food and energy security of the nation, he said.
Minister Piyush Goyal said the NDA government has completed a turnaround of the macroeconomics of the country with the foreign currency reserves being 4th largest in the world, twice since 2014, and the currency is amongst the best performing in developing countries.
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, he highlighted.
A day ago, India’s G-20 Sherpa and former NITI Aayog CEO Amitabh Kant had said India needs to grow at an annual rate of 9-10 per cent for around three decades and through constant innovations to become a US $ 35 trillion economy by 2047.
Speaking at Mumbai Tech Week, hosted by the Tech Entrepreneurs Association Mumbai, Kant emphasised India’s ambition to reach a USD 35 trillion economy by 2047.
“We are the fifth largest economy in the world, and by 2027, we will surpass Japan and Germany to become the third largest economy in the world. And our aim is that by the time we turn 100 in 2047, India should be a US $ 35 trillion economy,” Kant said.