New Delhi: On Thursday, Union Minister for Commerce and Industry Piyush Goyal expressed a positive outlook regarding India's economic trajectory, forecasting that the nation's exports will exceed $1 trillion within the next two to two-and-a-half years.
During his address at the India Economic Conclave organized by Times Network, Goyal noted that India's exports are anticipated to surpass USD 800 billion this year, underscoring the country's expanding presence in global trade. He also pointed out the international acknowledgment of India as an attractive investment hub.
"Exports are expected to reach $800 billion this year, and we aim for approximately a trillion dollars in the next two to two and a half years. Globally, there is a growing consensus that India offers the most promising investment opportunities," he stated.
The minister emphasized the government's comprehensive strategy to stimulate economic growth, which includes extensive infrastructure development, social welfare initiatives designed to uplift citizens, and programs that specifically promote women-led progress.
"As more women engage in the formal economy, they will be pivotal in fostering inclusive growth. The government is dedicated to ensuring that no child in the nation lacks essential needs such as food, clothing, shelter, and healthcare," he concluded.
India's impressive progress in infrastructure development was underscored by Goyal, who noted that the total length of roads and expressways has nearly tripled in the last ten years.
He commended the country's technological advancements, emphasizing the rapid implementation of 4G networks, even in remote regions, alongside the swift deployment of 5G technology at an extraordinary rate.
Goyal highlighted the remarkable growth in Foreign Direct Investment (FDI), which has surged by 119 percent over the past decade compared to the previous one.
He pointed out that two-thirds of the total FDI inflows, amounting to USD 1 trillion, have been received in the last ten years, reflecting strong global confidence in India's economic prospects.
He remarked, "The world today recognizes India as the best opportunity to invest in; two-thirds of the total FDI in India so far, of a trillion dollars, has come in the last 10 years."
Looking to the future, the minister forecasted that India is on track to become a USD 30-35 trillion economy by 2047, in line with the nation's vision of achieving prosperity and development.
He concluded by stating, "The Viksit Bharat vision aims for a prosperous and developed nation, an economy where young people are eager to engage with the best globally," emphasizing the aspirations of a confident nation ready to take a leading role on the world stage.
