Piyush Goyal, the Union Commerce Minister, said that India’s GDP would become the third-largest economy within 5 years.
Given India’s current trajectory, I believe GDP will be closer to 35–40 trillion dollars by 2047. In his speech to the Asia Economic Dialogue, he further stated, “Every Indian desire is to be second to none.”
We believe that India is growing at the fastest pace. He notes that Asia has its own dynamics, consisting of both democratic and non-democratic economies that are non-ruled and non-transparent.
For, the past 10 years, India has been wanting to embrace technology, internationalize, and the modern workplace. Today, our economy has moved up to the fifth position from the tenth. We have a young demographic dividend, which is considered to be our most valuable asset.
The Russia and Ukraine war had severely impacted more developed nations than developing countries, the minister continued. It has had a destructive impact on both developed and developing nations in the areas of energy and food security.
Further, he pointed out that MSMEs would always play a key role in the world economy. That’s why there are various concessions are provided to startups, MSMEs, and women business owners as well.