Commerce and Industry Minister Piyush Goyal has expressed confidence that India will grow into a $30 trillion economy by the year 2047. Speaking at the annual conclave of a private media house in New Delhi, Goyal emphasized that the foundation for this growth is already being laid through policy reforms, fiscal discipline, and targeted support for businesses.
Highlighting India’s progress under Prime Minister Narendra Modi’s leadership, Goyal pointed out that controlling inflation has been a key government priority since 2014. He noted that the Reserve Bank of India plays a crucial role by keeping a close watch on monetary and fiscal policies to maintain economic stability.
The minister placed particular focus on the empowerment of Micro, Small, and Medium Enterprises (MSMEs), calling them the backbone of India’s economic engine. He added that the government has rolled out initiatives to support these enterprises in becoming more competitive and resilient.
Goyal also hailed the Goods and Services Tax (GST) as a landmark reform that reshaped India’s economy. Introduced in 2017, GST was described by him as the most significant transformation since independence. According to the minister, the reform simplified the tax structure, eliminated corruption, removed middlemen, and reduced paperwork, ultimately making business operations more transparent and efficient.
Looking ahead, he underlined that the ongoing Next Generation GST reforms are designed to make compliance smoother and further reduce hurdles for businesses. These efforts, he said, are critical in creating a strong, corruption-free system that boosts investor confidence and supports sustained growth.
With a vision to reach a $30 trillion economy in just over two decades, India’s trajectory will rely on strong institutions, reforms, and entrepreneurial energy. Goyal’s remarks reflect both optimism and determination that the country is on the right path to achieving its long-term growth ambitions.
