Union Minister Shri Piyush Goyal addresses 35 journalists from 19 Latin American and Caribbean countries in New Delhi

Inherited a broken economy in 2014, now on track to become 3rd largest GDP in the world: Shri Piyush Goyal on India’s Growth Story

Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri Piyush Goyal said that the present government’s ambition is to make India a fully developed nation by 2047 and all efforts are being made in this direction. While addressing a media delegation of 35 journalists from 19 countries of Latin American and the Caribbean in New Delhi today, Shri Goyal said that the government’s ambition is to increase the current $3.7 trillion economy to be a $30-35 trillion economy by 2047 and to ensure food and energy security of the nation.

Shri Goyal hailed Prime Minister Shri Narendra Modi’s relentless pursuit of twin tracks - strengthening the macroeconomic fundamentals of India to prepare the country for the future and focus on the welfare of the poor pertaining to food, healthcare and education. The Union Minister said that Prime Minister Shri Narendra Modi’s holistic vision to address the issues regarding welfare of the poor coupled with good governance over the last decade has helped India transform from the 11th largest to 5th largest economy in the world and is on track to become the 3rd largest GDP by 2027. 

Shri Goyal said that the current government has completed a turnaround of the macroeconomics of the country with the foreign currency reserves being 4th largest in the world, twice since 2014, and the currency is amongst the best performing in developing countries. Shri Goyal said that India has witnessed the best performing decade in the last 75 years of Independence with inflation being halved in the past 12 years that has benefited the economy with interest rates in control.

The Minister further said that the government inherited a broken economy when they came to power with a clear mandate in 2014. “We inherited a broken economy, deep in distress and a poor reputation around the world for the India growth story and its ability to play a part in geopolitics”, said Shri Goyal.

Economic development ambition: Government aims to make India a fully developed economy by mid-century and ensure food and energy security. The government's stated objective is to make India a fully developed economy by 2047 by substantially expanding the national economy and ensuring food and energy security. This objective is presented as supported by macroeconomic measures including strengthened foreign exchange reserves, favourable currency performance, reduced inflation, controlled interest rates, and targeted welfare policies in food, healthcare and education to sustain inclusive growth.