Panaji: Union Commerce Minister Piyush Goyal on Friday said that the Indian story is going to take the Indian economy from a 3.5 trillion dollar economy to a 35 trillion dollar economy in the next 25 years.
Addressing the inauguration of the Amazing Goa Global Business Summit 2024, an initiative of the Vibrant Goa Foundation, Goyal said that the 21st century is India’s century.
Goa Chief Minister Pramod Sawant, former Union Minister Suresh Prabhu, and others were present during the inaugural function.
“The Prime Minister has rightfully said that the 21st century is India’s century. The PM had also said that the 21st century has stopped being small,” Goyal said, adding that “what we do today is the best and the biggest.”
“We are working with a focused approach to make India a developed and prosperous nation by 2047 when we will celebrate 100 years of Independence,” the Union Minister said.
He further stated that the Indian story is going to take the Indian economy from a 3.5 trillion dollar economy to a 35 trillion dollar economy in the next 25 years.
“This 10X growth is due to strong microeconomic fundamentals that have brought India a very high growth rate. We are the fastest growing economy, with low inflation, strong foreign exchange reserves, and a very welcoming environment for investors, which has brought twice the FDI to India in the last ten years, compared to the previous decade,” he said.
Goyal added that India has moved from the “fragile five” economies in 2014—a country that large parts of the world had written off—to a position where people now have confidence in India’s ability to grow and play a key role in global economics.
“We were the tenth largest GDP in 2014, with very little hope and low ambition among the people of India. I am happy to share with you that under PM Modi’s leadership, India has moved to the fifth largest economy in the world, from fragile five to a powerful force. In the next three years, we will become the world’s third-largest economy,” he added.
Goyal also highlighted that India now has an environment conducive to attracting investment, focusing on ease of doing business, reducing the compliance burden for businesses, and decriminalizing several laws that were detrimental to a business-friendly environment.
“India today is looked upon as a trusted partner and a reliable player in the global supply chain,” he said.
Chief Minister Pramod Sawant stated that Goa is determined to contribute to the vision of the Prime Minister with a dynamic and sustainable economic vision.
“Today, we are here to unveil the new Goa, which is ready to embark on a future that stands as a vibrant investment destination. We are moving beyond tourism to make Goa a thriving hub for emerging industries that will put Goa on the global map,” he said.
Former Union Minister Suresh Prabhu noted that under the leadership of PM Narendra Modi, India has become one of the least risky countries in terms of risk analysis. “You’ve come from a part of the world where every day is fraught with risk,” he said, referring to the international delegates.
The former Union Minister also emphasized that India is a place with visionary leadership. “Being in India will put you in an auto-growth system,” he said, adding that when you are in India, growth comes in leaps and bounds.
The three-day-long summit will feature various knowledge sessions, business-to-business meetings, and other events aimed at attracting investment to the coastal state.
