India to become US$ 30 trillion economy by 2052: Piyush Goyal

India’s economy currently stands at US$ 3.2 trillion

June 27, 2022

India’s economy will reach US$ 6.5 trillion in nine years from today if it grows by a Compounded Annual Growth Rate (CAGR) of 8% within the said period

The country can become a US$ 13 trillion economy in 18 years

The textile industry is the second-largest employer in India and about 40 million people are engaged in the sector’s value chain

By 2027, the textile industry is targeting to reach INR 20 lakh crore in terms of size, and INR 10 lakh crore in terms of exports

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India is expected to reach US$ 30 trillion in the coming 30 years, according to Commerce and Industry Minister Piyush Goyal.

According to Goyal, India’s economy will reach US$ 6.5 trillion in nine years from today if it grows by a CAGR of 8% within the said period. The country can then become a US$ 13 trillion economy in 18 years, US$ 26 trillion in 27 years, and the economy will reach US$ 30 trillion in 30 years from today. 

India’s economy currently stands at US$ 3.2 trillion. 

The minister also said that the country is growing at a healthy pace, and is witnessing a jump in various sectors including textiles. He said that the industry’s size is currently at about INR 10 lakh crore, and textile exports are about INR 3.5 lakh crore. Over the next five years, the industry is targeting to reach INR 20 lakh crore in terms of size, and INR 10 lakh crore in terms of exports.

As per the minister, Tiruppur has become a global apparel hub and is exporting goods worth INR 30,000 crore compared to INR 15 crore, more than three decades ago. He further added that there is a need to create 75 such textile cities in the country, which in turn will add many investment opportunities, and will collectively provide employment opportunities to one million people in the industry. 

The minister concluded that the textile industry is the second-largest employer in India, after agriculture, and around 30-40 million people are engaged in the sector’s value chain.