India to become the third-largest economy within the next five years: Commerce Minister

The country is also poised to become a US$ 40 trillion economy by 2047

February 27, 2023

India is the fastest-growing economy and will remain so for decades to come due to its strong macroeconomic fundamentals and recent reforms

Indian economy is already the the the 5th largest in the world

India has become a trustworthy partner globally

The country plans on promoting 100% indigenization in the auto industry

India will become the third-largest economy by 2028, according to Union Commerce Minister Piyush Goyal at the Asia Economic Dialogue. Goyal also stated that India has the potential to become a US$ 40 trillion economy by 2047.

Goyal claimed that India is the fastest-growing economy and will remain so for decades to come due to its strong macroeconomic fundamentals and recent reforms. He further mentioned that India has already moved from the 10th largest economy to the 5th largest economy and has a young demographic dividend that is considered its most significant asset.

On trade, Goyal explained that India decided against joining the Regional Comprehensive Economic Partnership (RCEP) agreement in 2019 due to concerns that it could negatively impact the manufacturing sector in the country. 

Goyal also mentioned that India has become a trustworthy partner globally and cited India’s vaccine rollout, which inoculated the population at a low cost, met international commitments and achieved record-high exports in 2021-2022.

Furthermore, Goyal spoke of further contributory measures from the government to India, including promoting 100% indigenization in the auto industry, encouraging MSMEs to become more profitable, supporting green businesses, addressing climate change, and promoting organic farming. He said that these measures would enable India to achieve its target of becoming a US$ 40 trillion economy by 2047.

Source: Economic Times

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