India is on the path to become a powerhouse driving global growth by 2047, said union minister of commerce and industry, consumer affairs, food and public distribution, and textiles Piyush Goyal when recently addressing the business community of southern California.
Goyal also noted that the completion of the Indo-Pacific Economic Framework (IPEF) is an important milestone for free and fair trade with like-minded countries, who share the objective of having rule-based international order and a transparent economic system, according to a press release by India’s Ministry of Commerce and Industry.
Politically stable and open economies in the Indo-pacific region are coming together to expand economic activities amongst each other, he added.
Goyal added that the transformational work happening in India has taken the country to the 5th spot among world economies. Assessing the impact of the foundational changes and structural transformation that has happened in the last few years, Goyal mentioned that CII estimates India in 2047 to be a $35-45 trillion economy, bringing the country into the league of developed nations.
Emphasising that India today is a land of opportunities and a potential market for the business community in the US, he noted that India has the advantage of demographic dividend, and its aspirational young population provides a huge opportunity for growth. India is also rapidly transitioning to clean energy, and the country aspires to achieve 500 GW of green energy capacity by 2030, he added.
Noting that India today has emerged as a trusted global partner, Goyal said that India has become a high-quality manufacturer of valuable goods and services, given the skillsets and the talent pool available across sectors such as IT, textiles, hospitality, gems, and jewellery and each one of these would provide opportunities for investors looking to engage with India.
Minister Goyal also urged everyone to use products under the One District One Product (ODOP) scheme for every occasion and commented that if the Indian diaspora across the globe gave preference to ‘Made in India’ products, crores of Indian artisans would gain support for a better tomorrow.