'India must expand trade ties to become $30 tn economy by 2047'

India must expand its international engagement to realise its vision of becoming a $30 trillion economy by 2047, according to Union Minister of Commerce and Industry Piyush Goyal.

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Speaking at the closing session of the 5th Annual Meeting of the India Global Innovation Connect, the Minister emphasised that India’s economic growth is not a zero-sum game. Instead, he argued that the country’s trajectory is deeply linked to fostering strategic partnerships with developed nations, which stand to complement rather than compete with Indian industry.

“We have a very clear roadmap and a stated goal to make India a developed country by 2047... At that point in time, I would think the Indian economy should be anywhere in the ballpark of about $30 trillion... This will not be possible unless we expand our international engagement” the Minister said.

He further noted that these developed economies face demographic challenges that provide a unique opening for India’s growth strategy. “They have ageing populations and therefore need young talent and skill, which India has in abundance,” Goyal highlighted.