India will be mainstay of global economic recovery: Piyush Goyal

Union Minister Piyush Goyal said on Thursday that India will be the mainstay of global economic recovery as it has shown steady growth and become the fastest growing country among the world’s major economies. .

Addressing the annual general meeting of the Bengal Chamber of Commerce and Industry virtually, he said if all stakeholders in the economy work together with a sense of “Kartavya bhav” (spirit of duty) , the national goal of a $30 trillion economy would be achieved by 2047, the year the country will celebrate 100 years of independence.

“India is already the fifth largest economy in the world and is accelerating its growth to become the third largest in the coming years. The Prime Minister’s vision is to make India a developed nation by 2047 with a economic size of $30 trillion. celebrate our 100th independence that year,” said Goyal, Minister of Commerce and Industry.

All sectors such as agriculture, manufacturing and construction are doing quite well, he said.

“India is an island of stability and will be the mainstay of global recovery. Our economy has shown resilience during the pandemic and is on a steady growth path,” the minister said.

Affirming that India is the best destination for investment, Goyal said the government has undertaken several structural reforms and more are in the pipeline.

The minister, who also holds food and textile portfolios, urged industrialists for private investment and asked them to believe in India’s growth story and help the country achieve its goals with greater great turnout.

Goyal cited McKinsey & Co CEO Bob Sternfels’ comment – ‘this is not India’s decade, this is India’s century’ – to pitch the country as an important destination for investment .

India is targeting $2 trillion in exports by 2030, split equally between goods and services, he said.

The minister called on industrialists to help India become a global manufacturing base and invest in Tier II and Tier III cities, which hold “tremendous potential”.

Goyal emphasized on promoting micro, small and medium enterprises by strengthening the local supply network as the sector is a job creator and a major contributor to the economy.

He also called for more dialogue with the government and active participation in the FTA (free trade agreement) negotiations.

“The government is pursuing FTAs ​​with like-minded countries. Our FTA negotiations are based on thorough analysis and stakeholder consultations truly reflect the principle of reciprocity for a win-win scenario,” Goyal said.

He said the deployment of 5G in telecommunications services across the country will bring $450 billion to the economy over the next 15 years.

The minister also mentioned that India is taking leadership roles in global platforms.

Subir Chakraborty, Managing Director and Chief Executive Officer of Exide Industries Ltd, became the chamber’s new chairman.

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