Bullish on India | India’s Gdp to Hit $35 Trillion by 2047: Piyush Goyal
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Bullish on India | India’s Gdp to Hit $35 Trillion by 2047: Piyush Goyal

This is India’s time in the sun to grow, invest, and expand, Commerce and Industry Minister Piyush Goyal said, speaking on the sidelines of the Moneycontrol Indian Family Business Awards.PauseUnmute

“India’s growth will take the country to a GDP of $35 trillion by 2047. It’ll be the country with the largest business opportunities in the world,” the minister added.

He stressed that the India story is currently unfolding, and India will become the engine of growth for the world.

“I see no other opportunity as big as India for at least the next 30-35 years. I look at it as a 30-30-30 matrix. We have a population which is below 30 years of age, we will continue to have a young population for the next 30 years, and in these next 30 years, given the strong foundation that Prime Minister Modi has laid, I believe we will add about $30 trillion to our economy,” he said.

Per Goyal, it is the powerful combination of a young India and a vibrant democracy that’s helping India show the world the way towards a sustainable, inclusive, balanced, and fast-paced growth.

India is now home to 1.4 billion people, recently surpassing China to become the world’s most populous country, according to United Nations estimates. More than 600 million people are aged between 18 and 35, and this is expected to continue till at least 2055–56.

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“About 24.3 percent of the incremental global workforce over the next decade will come from India. This is significant, considering the rapidly ageing population in the developed world, creating potential challenges to labour supply in various sectors of the global economy,” Ernst & Young said in its report India@100. E&Y has projected India to be the largest provider of human resources in the world

UN estimates say that India’s population will not begin to decline for another four decades.

“Our economy is in good shape, with $600 billion in foreign reserves. India is the fastest growing large economy in the world. In the last nine years, we have had the lowest inflation rates ever. We have worked towards making India digitally empowered,” Goyal added.

The country’s digital economy has grown rapidly over the last few years. The Digital India programme launched in 2015 was aimed at transforming India into a digitally empowered society and knowledge economy. Under this programme, the government has launched several initiatives to promote digital literacy, infrastructure, and services. One of the key initiatives under Digital India is the Aadhaar program, which provides a unique identification number to every citizen of India.

The government has also launched several initiatives aimed at developing digital skills, such as the Skill India program, which aims to train 40 crore people in various skills by 2022.

“India will create value for shareholders, but also focus on sustainable and inclusive growth. In the years to come, we will collectively make India a matter of pride and envy,” the minister said.

Source : Money Control