‘India on track to become a $30 trillion economy by 2047,’ says union minister Piyush Goyal

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Piyush Goyal, the Union Minister of Trade and Industry, on Friday highlighted India’s progress in development, claiming that India is on track to become a developed nation with a $30 trillion economy by 2047.

Speaking at the 25th Bengaluru Tech Summit, the Union minister said that the center is encouraging small businesses by providing equal opportunities by deploying the open data e-commerce system, which also originates from the technology city of Bengaluru.

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Goyal said Bengaluru is emerging as the Silicon Valley of the East with a huge ecosystem consisting of technology companies, research and development centers, centers of excellence, incubator centers and venture capital funds. Karnataka and Bengaluru are India’s standard bearers of tomorrow, he added.

Referring to India assuming the presidency at the G20 meeting starting on December 1, he said that under Prime Minister Narendra Modi, the country has been given a golden opportunity to show its strength. He said that in the post-Covid era, many countries faced high inflationary pressures in their economies, but added that India has managed to stay afloat and keep inflation under control.

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Goyal said startups played the role of booster doses in leading an economic recovery. Karnataka Chief Minister Basavaraj Bommai said Bengaluru would become the financial capital of the country in the next five to ten years and added that they are no barrier to realizing this potential. He said Bengaluru had lived up to its cosmopolitan nature, largely contributed by its talent pool, technology, processes, vision statement and objectives.

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