India Expected To Become Third-Largest Economy In Next Five Years: Piyush Goyal
Piyush Goyal spoke about the need to sensitize Indians to take more pride in locally-made products and to strengthen domestic manufacturing capabilities in industries such as the automotive sector.
New Delhi: India is expected to become the world’s third-largest economy in the next four to five years, according to Piyush Goyal, the Union Minister for Commerce and Industry, Textiles and Consumer Affairs, Food and Public Distribution.
Speaking at the Asia Economic Dialogue in Pune, Goyal said India is growing at a rapid pace and has already moved from the tenth to the fifth largest economy. India’s strong macroeconomic fundamentals and recent reforms have contributed to the country's growth and its status as the fastest growing large economy.
Goyal also spoke about the need to sensitize Indians to take more pride in locally-made products and to strengthen domestic manufacturing capabilities in industries such as the automotive sector.
He added that the government is promoting circular economies to recycle waste and is among the top five nations addressing climate change goals. India has focused on promoting products such as sustainable textiles and organic farming, with plans to increase exports of agricultural organic produce from Sikkim from INR 8 crore ($1.1 million) to INR 8,000 crore by 2030.
The Minister recalled the discussion around India joining the Regional Comprehensive Economic Partnership (RCEP) in 2019, saying the decision not to join was celebrated across the country by every section of industry and business, every farmer, and every person associated with the dairy sector. He said the trade deficit with China, which was under $2 billion 15 to 16 years ago, increased to around $48 billion by 2014.
Goyal emphasized the need to wean the country away from low-cost, low-quality goods imported from China and to sensitize people to take pride in Indian products.
Goyal spoke about the devastating effect the Russia-Ukraine conflict has had on both developed and developing countries in terms of food and energy security, inflation, interest rates, and growth. He also talked about the need for big companies to pay small and medium-sized enterprises (SMEs) promptly so that they too become more profitable.
The Minister said that negotiations are ongoing for Free Trade Agreements with Israel, Canada, the European Union, the United Kingdom, the Gulf Cooperation Council, and Russia and its partner countries. The India-UAE Agreement was completed in just 88 days, and there is enthusiasm from the world to work with India. The Minister said India is now a trading partner the world can trust and had the highest ever exports in 2021-22.
Goyal concluded by stating that India’s desire is to be second to none and to drive its economy closer to a $35-$40 trillion economy by 2047. India is recognized as the country of the decade, if not the country of the 21st century, and has a young demographic dividend that is being recognized as its biggest asset.
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