India will become USD 35 trillion economy in 25 years: Goyal

Panaji: Union Commerce and Industry Minister Piyush Goyal on Friday said India's growth story will take the country's USD 3.5 trillion economy now to USD 35 trillion in the next 25 years.

Addressing the inaugural session of Amazing Goa Global Business Summit 2024, Goyal said that the 21st century belongs to India and it was on track to become the third largest world economy in three years.

Chief Minister Pramod Sawant, former Union minister Suresh Prabhu and others were present during the inaugural function of the summit, an initiative of the Vibrant Goa Foundation.

"Prime Minister Narendra Modi has rightfully said the 21st century is India's century. He also said that the 21st century has stopped being small. What we do today is the best and the biggest," Goyal said.

"We are working with a focused approach to make India a developed and prosperous nation by 2047 when we celebrate 100 years of Independence," he said.

He said India's growth story will take the economy from USD 3.5 trillion to USD 35 trillion in the next 25 years.

"This 10-fold growth is due to India's strong economic fundamentals. We are the fastest-growing economy. Low inflation, strong foreign exchange reserves and a welcoming environment for the investors have brought twice the FDI to India in the last 10 years compared to the earlier decade," he said.

Goyal said the country moved from the "fragile five" economies in 2014, when the BJP-led NDA came to power at the Centre.

Large parts of the world had written India off, and people did not have the confidence that it could grow and play a role in global economics, he said.

"We were the 10th largest GDP in 2014, and there was very little hope, very low ambition and aspiration amongst the people of India. I am happy to share with you that under PM Modi's leadership, India has moved to the fifth largest economy in the world, from the fragile five to a powerful force. In the next three years, we will become the world's third-largest economy," he said.

The minister further said India has an environment conducive to investment, and there is a focus on ease of doing business, reducing compliances, and decriminalisation of several laws which were detrimental to the business-friendly environment.

"India today is seen as a trusted and reliable partner in a global supply chain," he said.

Chief Minister Pramod Sawant said Goa is determined to see that it contributes to PM Modi's vision.

"Today, we are here to unveil the new Goa, which is ready to embark on the future as a vibrant investment destination. We are moving beyond tourism to make the state a thriving hub of emerging industries that will highlight Goa on a global map," he said.

Former union minister Suresh Prabhu said under the leadership of PM Modi, India has been standing in terms of risk analysis as one of the least risky countries.

The three-day Amazing Goa Global Business Summit 2024 will have various knowledge sessions, business-to-business meetings and other events to attract investment in the coastal state.