India will become world's third largest economy by…
3 min read . Updated: 11 Apr 2023, 11:58 AM IST
PremiumUnion Minister Piyush Goyal is in Paris for the India-France Business Summit. The summit focuses on themes including building a green future, emerging technologies, defence cooperation and cooperation in the Indo-Pacific region.
Union Minister Piyush Goyal said that India will become the third-largest economy by 2027. His comments came while addressing the Indian diaspora community in France. Goyal is in Paris for the India-France Business Summit, commemorating 25 years of India-France friendship.
“Now we are the 5th largest economy. By 2027-28, we will be the third-largest economy in the world. India is a 3.5 trillion-dollar economy today and will become a 30-35 dollar trillion economy by 2047 when we celebrate 100 years of independence," the Union Minister added.
Prior to him, former chairman of NITI Aayog Arvind Panagariya had said that the country will become the world's third-largest economy by 2027-28. On the economic survey, the economist said, "narrative that comes across tells the story of a much stronger economy" than the one that is growing at 6.5 percent. Prior to Panagariya, a report by the State Bank of India (SBI) had said that the country will outstrip two other major economies by the end of this decade. The SBI's Economic Research Department predicted that India would surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth and become the world's 3rd largest economy--a movement of 7 places upwards since 2014 when India was ranked 10th.
Coming back to Goya, he said that India's exports were $676 billion last year. "We had a target to reflect the sentiment of young and enthusiastic Indians. In the 75th Year of Independence, we crossed USD 750 billion in exports," he added.
"We are today emerging as the go-to country, as the world's pharmacy, as the world's food bowl and as a trusted partner to other countries. Everybody is looking up to PM Modi's leadership to resolve the world's challenges today," he said.
Goyal said that India deeply values the partnership with France. "I am sure, each of you recognises that this partnership will see further growth, in terms of both opportunities and friendship. To further our partnership, you all will play a crucial role," he said while addressing the Indian diaspora in Paris.
"PM Narendra Modi is the most popular and loved leader in the world and is also known for having the commitment to care for India and the world. As we believe in 'One Earth, One Family, One Future', the world looks up to his leadership," he said.
He also lauded the Indian diaspora, saying, "India with capabilities, capacities, competency, and confidence, is the New India what each one of you represents. As Rashtradoots, you are contributing to your Karmabhoomi and Matrabhoomi."
Goyal urged the Indian diaspora to be a part of India's growth journey and promote Indian culture in France. "With your support, India will achieve strides of growth and development in the Amrit Kaal," he said.
Goyal invited them to be a part of this vision and be with India on this journey, saying, "Yahi Samay Hai, Sahi Samay Hai."
Meanwhile, today, Goyal and Olivier Becht, France's Minister delegate of Foreign Trade, Attractiveness and French Nationals Abroad will co-chair the India-France Business Summit, commemorating 25 years of India-France friendship, on Tuesday in Paris. This Summit will focus on themes including building a green future, emerging technologies, defence cooperation and cooperation in the Indo-Pacific region.
The business summit and CEO roundtable are being organized by the Embassy of India in Paris in partnership with Medef, CII, Business France and IFFCI. 400-plus participants have registered for the business summit and have shown tremendous enthusiasm. Minister Goyal is also scheduled to meet with French business leaders across various sectors and will attend a CEOs roundtable.
(With inputs from ANI)