New Delhi: Union Minister Piyush Goyal affirmed the current government’s objective to elevate India to a fully developed nation by 2047, emphasizing ongoing efforts in this regard. During an address to a media delegation from 19 Latin American and Caribbean countries in New Delhi, Goyal highlighted the aim to boost the $3.7 trillion economy to $30-35 trillion by 2047 while ensuring national food and energy security.
Goyal praised Prime Minister Narendra Modi’s dedication to strengthening India’s macroeconomic fundamentals and prioritizing the welfare of the marginalized, especially in food, healthcare, and education. He credited Modi’s comprehensive approach and effective governance for propelling India from the 11th to the 5th largest global economy and projected it to be the 3rd largest GDP by 2027.
Goyal pointed out the government’s success in revitalizing the country’s macroeconomics, noting the rise in foreign currency reserves to the 4th largest globally, double the 2014 levels, and the currency’s strong performance compared to other developing nations. He also highlighted India’s most prosperous decade in the last 75 years, with inflation halved over 12 years, leading to controlled interest rates and economic benefits.
The Minister underscored the challenging economic situation inherited by the government in 2014, marked by distress and a tarnished global reputation for India’s growth narrative and geopolitical relevance. Goyal stated, “We inherited a struggling economy, deeply distressed, and a poor global reputation for the Indian growth narrative and its geopolitical relevance.”