India is poised to become a $30 trillion economy by 2047 with collective efforts of government and industry pushing towards an exponential growth rate to achieve a fully developed India, Commerce and Industry Minister, Piyush Goyal said on December 8 .
At the Global Economic Policy Forum organised by the Confederation of Indian Industry (CII), the minister said: “Country’s $600 billion in robust foreign exchange reserves have remained stable in the most difficult of times whether it be geopolitical turmoil such as the war in Ukraine or the pandemic. Investors have preferred to stay in India and not move out which shows the amount of faith that they have in the country’s economy. Foreign bankers also consider the Indian currency among the safest in the world.”
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Goyal said that the country’s foreign exchange position was strong enough to take care of the country’s imports at the prevailing current account deficit for the next five to six years.
The Indian economy has been a bright spot with strong growth amid a significant slowdown in other countries. This has increased the country’s respect among nations and given the large size of its market other countries are eager to sign free trade agreements with India, he said.
India, however, will not compromise its own interests in the trade agreements, the minister assured the captains of industry.
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Goyal said India was now engaging with the world with confidence and industry must take advantage of the new opportunities that have been created.
Goyal also said that Prime Minister Narendra Modi was focusing on developing infrastructure. “Capex spending on infrastructure has increased three times from government spending. This does not include public-private partnership projects,” he added.
He said that the country was growing on the strength of three pillars which included a strong economy that was being managed prudently, the basic needs of the people were being met and massive investments were being made in the infrastructure sector.
(With inputs from IANS)
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