India's Economic Vision: From $3.5 Trillion to $35 Trillion by 2047, Says Commerce Minister Piyush Goyal Former Minister Suresh Prabhu added that under Modi's leadership, India is now recognized as a low-risk environment for international investment, enhancing its appeal in global markets

Union Commerce and Industry Minister Piyush Goyal announced India's ambitious trajectory from a $3.5 trillion economy to a projected $35 trillion by 2047 at the Amazing Goa Global Business Summit 2024. Asserting that the 21st century belongs to India, Goyal highlighted that the nation is poised to become the world's third-largest economy within the next three years, showcasing a bright future for its economic development.

The summit, organized by the Vibrant Goa Foundation, also saw the presence of Goa's Chief Minister Pramod Sawant and former Union Minister Suresh Prabhu, who underscored the country's potential for growth and innovation. Goyal emphasized that Prime Minister Narendra Modi's vision reflects India's aspiration to emerge as a globally influential economic power, underscoring that the next 25 years are crucial for India to achieve this tenfold growth.

Highlighting India's rapid economic progress, Goyal credited the nation's strong fundamentals: low inflation, robust foreign exchange reserves, and a pro-investment environment that has doubled foreign direct investment (FDI) in the last decade. He remarked on the remarkable transformation since 2014, when India was counted among the "fragile five" economies. Today, however, India stands as the world's fifth-largest economy, with significant improvements in confidence and ambition among its citizens.

Goyal further explained the government's measures to support business growth, such as simplifying regulatory compliances, decriminalizing several outdated laws, and fostering a business-friendly environment. This focus on improving the ease of doing business has positioned India as a reliable global supply chain partner, drawing international investors to tap into its economic dynamism and stability.

Chief Minister Sawant shared Goa's commitment to advancing Prime Minister Modi's vision, emphasizing Goa's evolution beyond tourism into a hub for emerging industries. He highlighted the state's readiness to attract new investments, positioning Goa on the global map as a dynamic economic destination. Former Minister Suresh Prabhu added that under Modi's leadership, India is now recognized as a low-risk environment for international investment, enhancing its appeal in global markets.

Together, the summit's messages illustrated India's pathway to a prosperous future as a major global economic force, underpinned by policy reforms, robust fundamentals, and a commitment to sustainable growth by 2047.