Piyush Goyal targets $30 trillion economy for India by 2047

Union Minister of Commerce and Industry Piyush Goyal has urged Indian businesses and citizens to adopt fair trading practices and embrace a circular economy to support India’s long-term economic goals. Speaking at the inaugural ceremony of the Bharatiya Vyapar Mahotsav in New Delhi, Goyal outlined a vision for India to grow from its current $4 trillion economy to a $30 trillion economy by 2047.

To achieve this, Goyal emphasized the importance of strengthening the ‘Make in India’ brand through improved quality, design, and innovation. He noted that nine free trade agreements have already opened international markets, providing preferential access for Indian industries. He specifically highlighted the roles of MSMEs, farmers, fishermen, and the services sector in driving export growth.

Regarding trade performance, Goyal reported that goods and services exports reached record levels, with a target of $1 trillion set for the current year. He noted that exports have grown approximately 73 percent over the last six years, with a 15 percent increase recorded during the April-to-July period of the current year. The Minister also encouraged businesses to digitize operations and focus on recycling and reuse to ensure sustainable growth.