Achieving $35 trillion economy by 2047 is very much in the realm of possibility, says Piyush Goyal

Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal, on October 8, expressed optimism about India’s economic trajectory, asserting that the nation’s aspiration to become a $35 trillion economy by 2047 is very much within the realm of possibility.

"We aspire to be a $35 trillion economy by 2047. Achieving this is very much in the realm of possibility," Goyal said while addressing the Global Fintech Fest 2025 in Mumbai.

The IMF, in its World Economic Outlook released in April, had said that India is expected to reach $4.187 trillion in nominal GDP in 2025, compared to $4.186 trillion for Japan. In 2024, India was the fifth-largest economy in the world, with a GDP size of $3.9 trillion, compared to Japan's $4.1 trillion.

Going forward, the Indian economy is expected to grow by 6.3 per cent in real terms, compared to 6.5 per cent projected earlier, the IMF had said.

India’s growth story is being propelled by technology, innovation, and expanding global trade linkages, Goyal said.

Goyal noted that digital advancements have become a major driver of inclusive growth, ensuring that economic progress reaches every section of society.

Further, he said that no power on earth can stop India from becoming a developed and prosperous nation when it celebrates 100 years of independence.

Goyal emphasised that achieving such ambitions requires continued commitment to technological adoption, strengthening digital infrastructure, and expanding international trade partnerships.

“This cannot happen without keeping abreast of global technological developments and enhancing our trade relations across the world,” he added.

He said India is at an inflection point, backed by strong macroeconomic fundamentals, growing trade relationships with developed economies, and a focus on empowering consumers through quality products and low taxes.

Looking ahead, the minister urged the fintech community to harness the power of artificial intelligence (AI) as the next frontier of innovation.