Union Minister for Commerce and Industry Piyush Goyal outlined a bold vision for India’s economic progress, emphasizing robust export growth and increasing global investments. Speaking at the India Economic Conclave organized by Times Network, he detailed the strategies that underpin the country’s rising prominence in the global economy.
Goyal confidently projected that India’s exports would surpass $1 trillion within the next two to two-and-a-half years. He noted that exports are already on track to exceed $800 billion this year, highlighting the nation’s deepening engagement with international markets. “Exports will cross $800 billion this year, and about a trillion dollars in the next two, two and a half years,” he stated. Goyal further emphasized, “Across the world today, there is a recognition that the best investment opportunity is in India.”
This growing recognition, according to Goyal, stems from the government’s all-encompassing approach to fostering economic development. He attributed this success to a blend of infrastructure growth, targeted social welfare programs, and a focus on empowering women to lead economic inclusion.
Women’s participation in the economy formed a significant part of Goyal’s address. He stressed that their involvement in formal sectors would play a pivotal role in driving inclusive growth. “As more women participate in the formal economy, they will play a leading role in ensuring inclusive growth. The government is committed to ensuring no child in the country is deprived of basic amenities like food, clothing, shelter, and healthcare,” he remarked.
Infrastructure development has been a cornerstone of India’s economic transformation. Goyal noted a near threefold increase in the length of roads and expressways over the past decade, facilitating connectivity and boosting commerce. Technological advancements have also played a crucial role, with rapid 4G network expansion into remote regions and the ongoing rollout of 5G technology progressing at an unprecedented rate.
The minister highlighted Foreign Direct Investment (FDI) as another key driver of economic momentum. India has recorded a 119 percent increase in FDI inflows over the last decade compared to the previous one. Remarkably, two-thirds of the country’s cumulative $1 trillion in FDI has come in the last ten years. “The world today recognises India as the best opportunity to invest,” he said, reflecting the confidence of international investors in India’s economic trajectory.
Goyal also shared his aspirations for the nation’s future, envisioning India evolving into a $30-35 trillion economy by 2047. This vision aligns with the government’s “Viksit Bharat” mission, aiming to establish India as a prosperous and developed nation within the next two decades. The minister expressed optimism about the country’s readiness to lead on the global stage, driven by strong economic fundamentals, technological innovation, and inclusive development policies.
Goyal’s address underscored the foundation for sustained progress, reiterating India’s commitment to creating opportunities for global investors while ensuring that growth remains inclusive and equitable.