On Friday, Union Minister for Commerce and Industry, Piyush Goyal, projected that India’s economy would increase from US$ 3.5 trillion to US$ 35 trillion over the next 25 years. Speaking at the Amazing Goa Global Business Summit 2024, Goyal stated that India is poised to become the third-largest economy globally within the next three years, attributing this growth to the country’s strong economic fundamentals. These include low inflation, solid foreign exchange reserves, and a welcoming investment climate that has seen foreign direct investment (FDI) double in the last decade.
Reflecting on India’s remarkable progress, Goyal highlighted how the nation transitioned from being part of the “fragile five” economies in 2014 to becoming the world’s fifth-largest economy today. He credited Prime Minister Narendra Modi’s leadership for this success and stated that India is set to soon occupy the third spot globally.
Goa’s Chief Minister, Dr. Pramod Sawant, also voiced the state’s commitment to supporting Prime Minister Modi’s vision, aiming to diversify Goa’s economy beyond tourism and position it as a hub for emerging industries. Suresh Prabhu, the former Union Minister and Chairman of the National Level Committee for drafting the National Cooperation Policy, stressed that India, under Prime Minister Modi’s leadership, has become one of the least risky nations for investments, making it a preferred partner in global supply chains.
The Amazing Goa Global Business Summit 2024 is set to feature knowledge sessions, business meetings, and events designed to attract significant investment to the coastal state, further supporting its industrial growth.
