Indian economy will rise to $30 trillion in 30 years if it grows at 8%

Tiruppur: Union Commerce Minister Piyush Goyal has expressed confidence that India’s economy will jump to $30 trillion in the next 30 years if it maintains a growth rate of 8 per cent per annum. The commerce minister confidently said that the Indian economy, currently at $3 trillion, can reach these heights in three decades. Some do not believe it, but we have the potential to take the economy to such heights and that this goal can be achieved by using it, commerce minister Goyal said.

Moreover, the Commerce Minister made some ambitious announcements regarding the country’s economy at a function organised in Tiruppur. At present, the size of the Indian economy is $3 trillion. If the country continues to grow at a growth rate of 8 per cent, the Indian economy will grow to $6.5 trillion in the next nine years. In the next nine years, that is, in 18 years, the Indian economy will have reached $13 trillion. In 27 years, the economy will go up to $26 trillion. Considering this math, the Union Commerce Minister said that the Indian economy could easily achieve the target of $30 trillion in the next 30 years.

‘Anyone who feels that these claims are exaggerated should come to Tiruppur. They should experience the progress made by the garment industry here and the creativity of the young entrepreneurs,’ Commerce Minister Goyal added. At present, India’s textile industry is worth ₹10 lakh crore. Also, exports from the country through the textile industry currently stand at ₹3.5 lakh crore. The Commerce Minister informed that the Ministry of Textiles had set a target of taking the industry to ₹20 lakh crore in the next five years and its exports to ₹10 lakh crore.

‘Pessimists feel that this is not achievable. But I am optimistic about it. We can take the economy to $30 trillion in the next 30 years. We can do that. In fact, we will make it happen,’ commerce minister Goyal said. The ongoing Russia-Ukraine conflict, as well as the situation created by the Coronavirus pandemic, have posed some challenges to the country. This has reduced the supply required for production. However, Piyush Goyal pointed out that the Indian economy is moving forward by overcoming all these obstacles.