India is one of the fastest-growing economies in the world and it is expected to reach USD 30 trillion in the coming 30 years, Commerce and Industry Minister Piyush Goyal said here on Sunday. Goyal remarked that if India grows at a compound annual growth rate of 8% annually, the economy will double in nine years while speaking to exporters in Tiruppur, Tamil Nadu. According to the minister, the country’s economy is currently worth approximately $3.2 trillion and will be worth roughly $6.5 trillion in 9 years.
KEY POINTS:
- Another nine years, that is 18 years from now, we will be about USD 13 trillion economy. And then another nine years after that, that is 27 years from now, we will be a USD 26 trillion economy… Then obviously, 30 years from today, confidently we can all expect that the Indian economy will be a USD 30 trillion economy,” the minister said.
- According to the Union Commerce and Industry Minister, despite the current difficult circumstances brought on by the ongoing conflict between Russia and Ukraine and the CoVD-19 pandemic, India’s economy is expanding at a healthy rate.
- The conflict has caused a shortage of some commodities on the global market, which has increased global inflation.
- India has been successful in keeping its inflation at a manageable level.
- Piyush Goyal also stated that the country’s textile industry is currently worth 10 lakh crore and has the potential to develop to 20 lakh crore in the following five years, with exports of 10 lakh crore.
