India has the ability, intent to become developed nation by 2047: Piyush Goyal at ASSOCHAM India@100

Minister of Commerce and Industries Piyush Goyal on Wednesday spoke at ASSOCHAM's book launch event of Prof. K V Subramanian’s book, ‘India@100: Envisioning Tomorrow’s Economic Powerhouse'. The book talks about how India could achieve a $55 trillion economy in 2047. This despite Ersten Young predicting India to be at $26 trillion by that time and Goldman Sachs saying the country will reach $50 trillion in 2075.

The BJP MP said that he is convinced that the country had the talent, skill and capacity to make India a developed nation by 2047. He said that the country's leadership had the intent of achieving the goal. He added that Prime Minister Modi is deeply committed to the cause.



The minister said that India could replicate what China did from 2000-2020 and grow at 8 per cent per year. He added that this could be achieved by having a stable government at the centre. Goyal added that he saw India having a stable government for at least the next 20-25 years.

"At times, there will be certain jolts to the politics of the country but “we have to be prepared for that. We do have a coalition currently, but at the core of this coalition is a party with 240 seats,” he said.


He said that the government is focused on infrastructure and creating jobs in different sectors. He said added that special focus was on making defence products in the country, shifting from being an oil-based economy to electric-based economy, manufacturing quality products and bringing technology and transparency to every Indian, enabling the nation to have a stronger currency and a better macroeconomy.

“As we increase shipping, focus more on electric mobility and become sufficient in defence and a little bit more on things like oilseeds, rubber, pulses we are looking at a rupee appreciation,” Goyal said.

On leader of opposition Rahul Gandhi’s comments on the Budget halwa ceremony, Goyal said that Prime Minister Narendra Modi does not get swayed by such comments.

“It is not as if he will suddenly start scouting and start looking at everybody’s caste because just for a photo opportunity we have to appoint them,” the minister said.


“The bureaucrats are not bad. The leadership and direction that you provide that defines the work you get out of them,” he said. He added that the government is constantly working to liberalise and decriminalise laws and reduce the compliance burden.

Goyal added that India will become a $5 trillion economy in the next 3-3.5 years, making it the world’s third largest economy.

At the event, Subramanian said that India has potential of becoming a $55 trillion economy by 2047, if the country could maintain inflation at 5 per cent in the next two decades or more along with a real GDP growth of 8 per cent.