Piyush Goyal, the Union Commerce Minister, stated on Saturday that he was certain India would overtake China as the third-largest economy in four to five years at most.
“Based on the pace at which India is developing, I am confident that by 2047, our GDP will be closer to 35–40 trillion dollars in size. Speaking at the Asia Economic Dialogue in Pune, he remarked, “Every Indian aspires to be second to none.”
The minister urged the sector to take pride in its accomplishments “in our sound macroeconomic foundations and in the recent changes.” He said, “We believe India will continue to be the largest economy with the greatest growth for many decades to come.”
The Asian Dynamics are Ripe for Development
Goyal said that the Asian region has its own unique dynamics, with both democratic and non-democratic economies coexisting alongside those that are non-transparent and non-rule-based.
“During the past ten or so years, India has sought to internationalize, embrace technology, and adopt contemporary working practices. India is now widely acknowledged as the nation of the 2000s, if not the whole 21st century. Our economy has already risen from tenth to fifth place in terms of size. The youthful demographic dividend that we have now is acknowledged as being our best asset.”
Russia-Ukraine Conflict has had an Impact on Developed Countries
The minister said that industrialized nations had been more severely impacted by the Russia–Ukraine war than developing nations. It has had a disastrous impact on both rich and developing nations in terms of food security and energy security, as well as the subsequent impact on inflation, interest rates, and GDP, he continued.
Goyal noted that in 2019 when India was in talks to join the RCEP group of countries, “we recognized we were in some ways an outlier after studying what was being provided to India as part of the RCEP Agreement.”
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