Economic & Finance

$47 Trillion Economy by 2047 Achievable for India: Piyush Goyal

$47 trillion economy

New Delhi, February 21, 2023: It is not at all inconceivable for India to achieve an economy of $47 trillion by 2047, given the continuance of good governance that the country has seen over the past eight-nine years, its immense talent pool, and diasporic support the nation commands.  Shri Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, indicated this in his valedictory address at the 17th India Digital Summit (IDS 2023), organized on February 20-21 by the Internet and Mobile Association of India (IAMAI), in association with Google and MessageBird.

In support of his argument, Shri Goyal reminded the audience how despite various kinds of political and economic uncertainties and headwinds, since 1991 the Indian economy had seen 11.5X growth, from under $300 billion to $ 3.5 trillion.   

Talking of India’s growth in the digital sphere, Shri Goyal said, “By 2030, India should be at $ 1 trillion of merchandise export. Juxtapose this contextually with the Startup India Mission and Digital India. We have seen broadband spread to the remotest corners of the country and have 800 million smartphone users. I suspect today that just like the refrigerator, we will have a smartphone in every family across the country.”

Addressing the younger generation, Shri Goyal said, “The biggest strength that young India has is the perpetual desire for more and the perpetual dissatisfaction with what you have been able to achieve. I love the enthusiasm in today’s generation. I appreciate your ability to think out of the box and the fire in your belly and desire to achieve extraordinary results and that is what is driving India’s digital future.”

Referring to the “ZED factor – Zero Effect and Zero Defect”, the minister said,  “If we accept this as our mantra, imagine how we can transform this country. How sustainability and clean energy can drive economic growth and how quality can become our calling card. That’s the India we would like to see. An India where 1.4 billion people can enjoy the fruits of prosperity.”

Shri Goyal said, “The Amrit Kaal that we have just entered into is going to be an area of digital transformation, an area where there would be changes in the energy world – huge redeployment of energy sources which we can leverage to our advantage and resilient supply chains which can determine the future world order.”

IDS, India’s largest and oldest digital conference, brought together over 150 speakers, including policymakers, regulators, industry captains, and subject stalwarts in more than 60 sessions, with a representation from over 500 digital brands, and the participation of over 3000 delegates. The summit culminated with the announcement of the winners of the prestigious India Digital Awards (13th edition) in 57 categories.

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