New Delhi: Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal has said that India is on the path to become a powerhouse driving global growth by 2047. He said this while interacting with the Business Community of Southern California.

In his address, the Minister said the conclusion of the Indo-Pacific Economic Framework (IPEF) IPEF is an important milestone for free and fair trade with like-minded countries, who share a common objective to have rule-based international order and a transparent economic system.  Politically stable and open economies in the Indo-pacific are coming together to expand economic activities amongst each other, he added. 

Addressing the gathering, Goyal said 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, taking India 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. Goyal mentioned that India is also rapidly transitioning to clean energy, adding that we aspire to achieve 500 GW of green energy capacity by 2030.

The Minister said that India’s Prime Minister Narendra Modi has brought political stability to the country and under his leadership we have a government that is - decisive, willing to take strong decisions in the interest of prosperous India, balances public good and social welfare for needy deprived section and at the same time also empowering 1.3 billion citizens become better citizens and contribute to economic growth and development of the country.

“We are proud to be the mother of all democracies. We are proud to have a vibrant judiciary and rule of law, robust media, and transparent Govt systems,” said Goyal, noting that India today has emerged as the trusted partner of the world.

“India has now emerged as a high quality manufacturer of valuable goods and services, given the skill sets and the talent pool available across sectors- IT, textiles, hospitality, gems and jewellery and added that each one of these would provide opportunity for investors looking to engage with India,” he said.