India’s economy, according to Commerce and Industry Minister Piyush Goyal, is among the fastest-growing in the world and is predicted to reach $30 trillion in the next 30 years. Goyal remarked that if India grows at a compound annual growth rate of 8% annually, the economy will double in nine years while speaking to exporters in Tiruppur, Tamil Nadu. According to the minister, the country’s economy is currently worth approximately $3.2 trillion and will be worth roughly $6.5 trillion in nine years.
- Describing the growth Piyush Goyal said that, India would have a $13 trillion GDP in nine more years, or 18 years from now.
- India’s economy will be worth $26 trillion in nine more years, or 27 years from now.
- After that, it follows that the Indian economy will presumably be worth $30 trillion in 30 years.
- According to the Union Commerce and Industry Minister, despite the current difficult circumstances brought on by the ongoing conflict between Russia and Ukraine and the CoVD-19 pandemic, India’s economy is expanding at a healthy rate.
- The conflict has caused a shortage of some commodities on the global market, which has increased global inflation.
- India has been successful in keeping its inflation at a manageable level.
- Piyush Goyal also stated that the country’s textile industry is currently worth 10 lakh crore and has the potential to develop to 20 lakh crore in the following five years, with exports of 10 lakh crore.
Important Takeaways For All Competitive Exams:
- Union Commerce and Industry Minister, GoI: Shri Piyush Goyal
- Union Finance Minister, GOI: Nirmala Sitharaman.