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India Can Achieve a $47 Trillion Economy Target By 2047 Trusts Piyush Goyal As India enters the Amrit Kaal, he shared that India had all the potential to achieve a $47 trillion economy target on its centennial anniversary

By Paromita Gupta

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At the conclusion of the 17th India Digital Summit (IDS 2023) held on February 20-21, the Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Piyush Goyal, gave a valedictory address to the attendees where he shared that India had all the potential to achieve a $47 trillion economy target on its centennial anniversary.

"The Amrit Kaal that we have just entered into is going to be an area of digital transformation, an area where there would be changes in the energy world – huge redeployment of energy sources which we can leverage to our advantage and resilient supply chains which can determine the future world order," said Goyal.

He shared that despite the political turbulence since 1991, the country has witnessed an 11.5X growth, growing from $300 billion to $3.5 trillion. Furthermore, he shared that by 2030, India will reach $1 trillion in merchandise exports. Talking about Digital India, he noted that there were 800 million smartphone users as of now and that broadband now was present even in the remotest corners of India. "I suspect today that just like the refrigerator, we will have a smartphone in every family across the country."

Calling the younger generation the biggest strength, he shared, "young India has (is) the perpetual desire for more and the perpetual dissatisfaction with what you have been able to achieve. I love the enthusiasm in today's generation. I appreciate your ability to think out of the box and the fire in your belly and desire to achieve extraordinary results and that is what is driving India's digital future."

He called for actively adopting the "ZED factor- Zero Effect and Zero Defect" wherein sustainability and clean energy will take control of the front gear driving India's economy.

"That's the India we would like to see. An India where 1.4 billion people can enjoy the fruits of prosperity," he concluded.

The recently wrapped-up edition of IDS was organized by the Internet and Mobile Association of India (IAMAI) in association with Google and MessageBird.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
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